Tesla shares jumped in anticipation of Elon Musk potentially stepping back from Twitter, the social media company that has distracted him from running the electric-car maker for months.
Tesla’s stock rose as much as 5% at the start of early trading Monday. The shares have plunged 58% since Musk disclosed in early April that he’d taken a stake in Twitter, underperforming the 15% drop in the S&P 500 Index.
Musk, 51, tweeted Sunday that he would abide by the results of a poll asking whether he should step down as head of Twitter. With time running out, about 57% of votes have been cast for yes. The Tesla chief executive officer has previously taken his cues from Twitter users on decisions ranging from whether he should trim his stake in the car company, to whether he should reinstate former president Donald Trump’s account.
Whereas Musk’s next steps after those polls were relatively straightforward, it’s less clear what he’ll do if Twitter users vote for him to step down. Musk has tweeted that it will be difficult to find another CEO and written that the company “has been in the fast lane to bankruptcy since May.”
“No one wants the job who can actually keep Twitter alive,” he said in another post. “There is no successor.”
© 2022 Bloomberg
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
