Elon Musk Has Found A New Twitter CEO, But He’s Not Going Anywhere – SlashGear

Interestingly, Musk won’t say why exactly he wants to vacate his CEO role at Twitter. But so far, things haven’t really gone smoothly at the company with him at the helm. Musk pocketed the company for a cool $44 billion, but in less than a year, the value of Twitter has come crashing down to about $20 billion. The most controversial move has been the Twitter Blue system, which has turned the whole concept of a verified account on its head by selling it for $8 per month.

More recently, Musk announced that all accounts that have been lying dormant will be suspended and their usernames freed. Journalists and activists have criticized the move because Twitter serves as an invaluable repository of content that has been used for everything from academic research to criminal proceedings. On a more personal note, acquaintances of deceased users are lambasting Musk for snatching the internet-documented memories of their loved ones, though he later said the removed profiles will be archived.

But Musk’s decision makes more sense from a financial perspective. Tesla investors have been complaining for a while about Musk’s involvement in Twitter’s affairs, which have shifted his energy and attention away from the EV brand. Interestingly, Tesla is where the majority of Musk’s wealth is concentrated. Tesla has lately been scripting new records in shipment figures and impressive infrastructure development, but its market leadership has also never been in more a perilous condition than the current state of white-hot competition in the electric car market.