Will Elon Musk keep his word and leave the direction of Twitter? It would be in the order of things: the unpredictable billionaire promised on Sunday night to respect the verdict of an online poll that he launched at his own expense, asking his 122 million followers to decide on his future at the head of the social network. ” Should I leave the management of Twitter? I will obey the result of this poll,” he said. More than 17.5 million accounts participated in the poll, and 57.5% of them clicked “yes.”
It’s little surprise: the controversial new boss of the social network had been widely supported by his fans in his other polls. But this time the desire to withdraw became very fast. ” Be careful what you wish for, you just might get it “, he even warned a few hours before the end of the polls, 56-44 against him. Before two hours later: ” Those who want power are those who least deserve it “. What’s he going to do? Since the final results dropped Monday morning, Elon Musk has been wallowing in silence.
Elon Musk’s disastrous show at the helm of Twitter
In addition to the ego blow of losing this poll, keeping Elon Musk at the helm of Twitter has become increasingly serious in recent days as the billionaire looks to drive the social network into the wall by chaining the irrational decisions, dangerous for democracy (banning journalists, reinstating thousands of accounts previously banned for inciting hatred, banning speaking on the platform of competing social networks, etc.) and damaging in terms of image, especially for advertisers who have abandoned the platform in droves when 90% of its revenue depends on it.
Since October 30, when he joined Twitter, Elon Musk has hurt the company so much – more than 10,000 layoffs out of a workforce of 12,500, spectacular failure of the launch of the Twitter Blue subscription in early November – that his own reputation as a visionary entrepreneur has taken a serious hit. With his anti-Democrats, his support of the conspiracist/specialist sphere, his right-of-right display – especially with Donald Trump’s nephew in Qatar during the World Cup final – and the lack of clarity in his financial vision for Twitter, Elon Musk is hurting both Twitter and financial circles’ confidence in his ability to manage companies.
Inevitably, the disastrous spectacle that Elon Musk offers the world at the helm of Twitter sets fire to the gunpowder at Tesla, which he also heads. A phantom boss like Elon Musk seems obsessed with Twitter, so much so that he sleeps there and spends hours every day reading and reacting to what he says there.
Quit Twitter so as not to lose Tesla?
By his actions, Elon Musk has politicized the image of Tesla, to the point where it is now globally negative among all categories of American adults. According to the Morning Consult Institute, Democrats, who had an excellent view of Tesla in January, now have a predominantly negative view. Conversely, a majority of Republicans did not like Tesla in January – it is a brand of electric vehicles perceived as expensive and urban – and if the company has gained many supporters since the takeover of Twitter, they are not enough not to turn the tide on the side of all grown-up Republicans.
Tesla shareholders storm as Elon Musk’s setback worsens his stock market slide. The value of Tesla shares has lost 60% since April, much more than the Nasdaq (-11%), including 33% since the beginning of November, clearly showing that the macroeconomic context is not the only culprit. The company is still worth around $500 billion, but it’s a far cry from the more than $1.2 billion at the start of the year… Above all, Musk himself contributed to the decline by selling 3.5 billion Tesla shares last . week, adding to the 3.9 billion shares it had sold in early November for the Twitter takeover. Musk himself lost half of his personal fortune by 2022 (from $160 billion to $80 billion), falling behind Frenchman Bernard Arnault, head of the LVMH empire.
Some Tesla investors are even openly asking Elon Musk to step down from the leadership of Twitter to focus on his true industrial gem. ” Wake up, Tesla board! What is the plan? Who is driving Tesla and when will Elon return? tweeted investor Ross Gerber while lamenting that Elon Musk ” destroyed more than $600 billion in valuation without eliciting a reaction from Tesla’s board, which he considers ” unacceptable “.
More seriously, the third investor in Tesla, Over the weekend, KoGuan Leo accused Elon Musk of jumping ship and is calling for a new CEO. ” Elon has left Tesla, and Tesla no longer has a boss in place. Tesla needs and deserves a full-time CEO “, he declared.
Elon Musk looking for investors and a new CEO for Twitter?
Faced with the start of the rebellion at Tesla, Elon Musk was in Qatar this weekend. He attended the World Cup final, which France lost to Argentina, with Donald Trump’s son-in-law, Jared Kushner, but above all he would have met investors, according to some US media.
According to the financial media Semafor, several investors have been contacted by Jared Birchall, the asset manager of Elon Musk. The goal: by the end of the year to raise several billion dollars by issuing new Twitter shares, which would be offered to investors for a sum of $54.20 per share. stock – the vastly overstated price paid by Elon Musk.
As for the management of Twitter, Elon Musk has never said that the position was long-term for him. On the contrary, in mid-November, during a hearing with a Delaware judge in a lawsuit filed by a Tesla investor, Musk reaffirmed his goal of ” reduce your time on Twitter and find someone else to run it sustainably “.