Why Musk wants a new Twitter CEO

Billionaire investor Elon Musk’s takeover of Twitter has been plagued with controversy, as industry leaders question changes he implemented. As Twitter layoffs and policy changes take center stage, Musk has realized it’s hard to turn the social media company into a quick profit.

On November 16, during a trial involving his electric car company Tesla, Musk told lawyers that he will soon find a new Twitter CEO.

Twitter CEO
Musk, CEO of Tesla and Twitter, will be looking for a new CEO for Twitter. (Elon Musk next to a Tesla; Image credit: Maurizio Pesce/ Wikimedia Commons

Musk burns his fingers with Twitter

In April, when Musk offered to buy Twitter, he didn’t expect the media hail it would generate. After going to great lengths to get out of the deal, Musk’s Twitter acquisition was finalized for $44 billion at the end of October.

Since then, the self-proclaimed free speech advocate has been in the news for beginning his new role as “Chief Twit” by firing top executives. He then laid off half the workforce as he sought to improve revenue. He acknowledged his contributions to the company, but mentioned that the firings from Twitter were necessary to keep the company going.

As teams fighting misinformation on the site were slashed, one unexpected result was that many large advertisers halted their campaigns or pulled out of Twitter altogether. The $8 suggested fee for the blue mark made matters worse as impersonators flooded the microblogging site with fake profiles.

Fake Twitter accounts caused companies like Eli Lilly and Lockheed Martin to lose billions after trolls tweeted false information.

The incident drew worldwide attention, and Twitter’s reaction was swift and decisive. It was clear that if Elon Musk continued as CEO of Twitter, the social networking site would lose all sources of revenue. The problem could get worse as the Twitter layoffs continue, with the company terminating contracts with contractors who tracked hate speech and moderated content.

Twitter takes control
Musk’s acquisition of Twitter has led to one controversy after another. (The Twitter homepage; Image Credit – Shutterstock)

Musk tells court he doesn’t want to be CEO

A few days ago, Musk admitted that he is overworked and has bitten off more than he can chew. As CEO of SpaceX, a private space exploration company, and Tesla, the maker of electric cars, no one can argue that Elon Musk has his hands full.

During a recent video conference, Musk lamented the fact that his workload has increased quite a bit, in an apparent reference to the Twitter deal. “I mean, oh, man. I have too much work on my plate, that’s for sure.”

On Wednesday, Musk went on trial in a Delaware court defending himself from a lawsuit by Tesla shareholders over his compensation package at the electric car maker. Tesla directors have reportedly awarded him a compensation package that could exceed $55 billion.

With some Tesla engineers also temporarily moving to Twitter, experts have raised concerns about Musk’s management style and abilities as he juggles running three companies in the capacity of chief executive.

During the trial, Musk is said to have revealed that Twitter’s “fundamental organizational restructuring” will be over soon and he will hand over the reins to someone else. “I hope to reduce my time on Twitter and find someone else to manage Twitter over time,” the billionaire said.

Musk admits he is looking for a new Twitter CEO

“Well, it takes an initial burst of post-acquisition activity to reorganize the company,” Musk told lawyers during the Tesla lawsuit. But once that’s done, he’ll find and appoint a new leader for Twitter.

It makes financial sense to look for a new leader, as Musk’s Twitter restructuring has caused an unprecedented level of chaos on the platform and among employees. A new Twitter CEO could bring a fresh perspective and also calm worried investors keeping an eye on the bloody company. Twitter’s revenue has reportedly fallen sharply as advertisers reevaluate their partnership with the social media company.

As a man who bought Twitter after being encouraged by his fans on the platform, the best way to increase revenue from Twitter is to attract more daily users.

But the continued media backlash will spill over to Twitter’s revenue if Musk remains at the helm. Therefore, in the current climate, the ripest course is to find a new Twitter CEO who can reinvigorate the company and its image.

Appointing someone else as Twitter CEO could boost the company’s revenue and get it back on track, while freeing up Musk to pursue other projects.

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