Could Elon Musk Let Go of Twitter to Avoid Losing Tesla?

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Will Elon Musk keep his word and leave Twitter? Everything would be fine: the unexpected billionaire promised to respect the verdict of an online poll he launched on Sunday evening and asked his 122 million followers to decide on his future at the head of the social network. . ” Should I leave Twitter management? I will follow the results of this inquiry,” he said. More than 17.5 million accounts participated in the voting and 57.5% of them said “yes”.

This is a little surprising: the controversial new head of the social network was widely supported by fans for his other requests. But this time, his desire to withdraw was set very quickly. ” Be careful what you wish for, you just might get it “, he even warned a few hours before the end of the votes, 56-44 against him. Before tweeting, two hours later: ” Those who want power are the least deserving of it “. What will he do? Since the final results came out on Monday morning, Elon Musk has been living in silence.

Elon Musk’s Disastrous Show at the Top of Twitter

Aside from the blow to the ego of losing this poll, keeping Elon Musk at the helm of Twitter has become increasingly serious in recent days as the billionaire drives the social network up the wall with a chain of inefficient decisions. democracy (banning journalists, restoring thousands of accounts previously banned for hate speech, banning speaking on the platform of competing social networks, etc.) and destructive in terms of image, especially for advertisers who have left the platform en masse when 90% of their turnover depends on it .

Since October 30, since taking office at Twitter, Elon Musk has caused so much damage to the company – more than 10,000 of the 12,500 workforce was laid off, the spectacular failure of the launch of the Twitter Blue subscription in early November – a visionary entrepreneur took a serious blow to his reputation. With his anti-Democrat speeches, his support for the conspiracy/faxosphere, his right-wing displays — especially with Donald Trump’s nephew in Qatar at the World Cup finals — and his unclear economic vision for Twitter, Elon Musk has made both Twitter and economic circles undermines his confidence in his ability to run businesses.

Elon Musk’s disastrous vision presented to the world at the top of Twitter inevitably ignites the dust of Tesla, of which he is also the head. A dream boss like Elon Musk is addicted to Twitter, to the point of sleeping on it and reading its hours every day and responding to what is said there.

Quit Twitter to avoid losing Tesla?

Elon Musk has politicized Tesla’s image by his actions so that globally it has become negative among the entire American adult category. Democrats, who had a favorable opinion of Tesla in January, now have a mostly negative opinion, according to Morning Consult. By contrast, a majority of Republicans disapproved of Tesla — an expensive and urban electric car brand — in January, and if the company has gained much support since its Twitter takeover, it’s not enough. on the side of all mature republicans.

Tesla shareholders are reeling as Elon Musk’s failures worsen its stock market slide. Tesla shares have lost 60% since April, more than the Nasdaq (-11%), including 33% since the beginning of November, making it clear that the macroeconomic context is not the only culprit. The company’s fortune is still around $500 billion, but far from the $1.2 billion it was at the beginning of the year… First of all, Musk himself contributed to the fall by selling $3.5 billion worth of Tesla shares. week, adding to the 3.9 billion shares it sold in early November to take over Twitter. Musk himself lost half of his personal fortune in 2022 (from $160 billion to $80 billion), falling behind Frenchman Bernard Arnault, the head of the LVMH empire.

Some Tesla investors are even openly asking Elon Musk to step down from Twitter and refocus on his true industry gem. ” Wake up, Tesla Board! What is the plan? Who runs Tesla and when will Elon return? investor Ross Gerber lamented Elon Musk on Twitter. It destroyed more than 600 billion dollars in value Without causing a reaction from Tesla’s board, which he judged ” is unacceptable “.

More seriously, Tesla’s third investor, KoGuan Leo accused Elon Musk of jumping ship this weekend and is calling for a new CEO. ” Elon gave up on Tesla and Tesla no longer has a boss. Tesla needs and deserves a full-time CEO “he said.

Is Elon Musk looking for investors and a new CEO for Twitter?

Faced with the start of a rebellion at Tesla, Elon Musk was in Qatar this weekend. He attended the FIFA World Cup final, where France lost to Argentina, along with Donald Trump’s son-in-law Jared Kushner, but first, according to some American media, he was due to meet with investors.

Jared Birchall, the manager of Elon Musk’s wealth, has contacted several investors, according to Semaphore financial media. The goal: to raise several billion dollars by the end of the year by issuing new shares of Twitter, which will be offered to investors at $54.20 per share – a hugely overvalued price paid by Elon Musk.

As for the leadership of Twitter, Elon Musk has never said that this position is for him long-term. Instead, in mid-November, during a hearing with a Delaware judge in a lawsuit filed by a Tesla investor, Musk confirmed his goal. Reduce your time on Twitter and find someone else to manage it permanently “.