In the poll, 57% of voters believed that Musk should resign as CEO of Twitter. It is not yet known whether Musk will resign, but some media said that Musk is actively looking for a new CEO of Twitter. Twitter, which is full of feathers, is now in more trouble. The US Federal Trade Commission (FTC) has stepped up its review of Twitter acquired by Musk due to security concerns. On Tuesday, Tesla still couldn’t stop the bleeding, and fell 6% intraday.
On Tuesday, December 20, according to media reports, Twitter owner and CEO Musk is looking for a new CEO of the company.
Musk, who bought the company in October for $44 billion, has previously said his role as CEO will be temporary.
Last weekend, Musk launched a vote on Twitter on “Should I resign as the head of Twitter” and said that he would abide by the results of the vote. Among the more than 17 million people who finally voted, about 57% of the voters believed that Musk should resign as CEO of Twitter. On Sunday, however, he wrote in a tweet that there was “no successor”.
In court in November, Musk said:
I hope to reduce the amount of time I spend tweeting and find other people to run Twitter over time.
But he wrote on Sunday:
The problem isn’t finding a CEO, the problem is finding a CEO who can keep Twitter alive.
According to the media, Musk’s search for Twitter’s new CEO has been going on and started before the poll started.
Now Twitter, which is all over the place, seems to be in more trouble. Also on Tuesday, media reports said the U.S. Federal Trade Commission (FTC) had stepped up scrutiny of Musk’s acquisition of Twitter over security concerns. The media quoted people familiar with the matter as saying that FTC lawyers questioned the two former executives in the past month about whether Twitter could comply with the agency’s 2011 consent order after Musk took over. The broader investigation has been sparked by the departure of many of the social media company’s legal, privacy and compliance chiefs after Musk took the helm.
The FTC has opened a new investigation into Twitter following a complaint from the company’s former chief cybersecurity officer, Peiter Zatko, people familiar with the matter said. Zatko testified before Congress in September, calling the platform a “time bomb for security breaches.”
Musk seeks new investors for Twitter
After the acquisition of Twitter, Musk seems to think it is a hot potato, and has already begun to prepare for Twitter to find new investors.
Last Friday, Wall Street news mentioned that Musk was looking for new investors for Twitter at a price of US$54.2 per share, which was also the price that Musk originally acquired and privatized Twitter.The media quoted twoInformed sourcesThe managing director of Musk’s family office is looking for new equity investors for Twitter, as users and advertisers flee and debt payments loom, according to Bloomberg.
Informed sourcesJared Birchall, Musk’s personal manager, contacted potential investors last week, the report said. According to the media, a document from the office shows:
In recent weeks, we have received a flood of requests to invest in Twitter. We are therefore pleased to announce a follow-on equity offering of common stock at original price and terms, with the goal of closing the transaction by the end of the year.
Investors worry about Musk’s stewardship of other companies
Musk’s stewardship of Twitter has raised concerns among investors about other businesses he oversees.
Musk has sold billions of dollars worth of Tesla stock this year to fund the Twitter acquisition. He also recruited talents from his Tesla, SpaceX and Boring Co., including executives, engineers and lawyers, all of whom are assisting him on Twitter.
In the last week alone, Tesla’s stock price fell 16%, which is the largest weekly decline since the outbreak of the epidemic in March 2020. Investors are especially concerned about Musk’s distraction amid the current macro backdrop of uncertainty. Some investors have called on Musk to relinquish control of one of his companies. In intraday trading on Tuesday, Tesla’s stock price fell sharply again by more than 5%. Since the beginning of this year, the company’s stock price has fallen by more than 60%.
Senator Elizabeth Warren, D-Massachusetts, sent a letter to Tesla board chairman Robyn Denholm on Monday, expressing concern that Musk and the board may violate their legal obligations to Tesla shareholders.
Warren, who has sparred with Musk in the past over the idea of a wealth tax, has asked the board to answer specific questions about the alleged misappropriation of Tesla resources and conflicts of interest arising from Musk’s acquisition of Twitter.
In a tweet on Monday night, Musk fired back:
America has certainly been hurt by having Warren in the Senate.
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