Mohit Oberoi
Tesla’s CEO Elon Musk, who acquired Twitter last year has said that the social media company would get a new CEO by the end of 2023.
Twitter has been a mess ever since Musk took over even as the billionaire has been trying to “fix” the microblogging site.
At the World Government Summit in Dubai, Musk said, “I think I need to stabilize the organization and just make sure it’s in a financially healthy place and that the product roadmap is clearly laid out.”
Incidentally, earlier this month, Musk said that the company is “trending to breakeven.” It has taken several measures to turn around its finances. Musk has been working to diversify the company’s revenue base and Twitter now charges money for the blue tick verification.
The company is also in the process of charging money for gold-verified company accounts. Simultaneously, Musk has lowered Twitter’s cost base and as part of the process he has laid off many employees and contractors.
The company has not paid rent for some of its locations and some owners have even sued the company. A software company and an M&A advisory firm have also sued it over unpaid bills.
It has also auctioned several items in what looks like an attempt to raise cash. Reportedly, several Twitter employees carried their own toilet papers to the office after the company fired janitors.
Musk Says Twitter to Get a New CEO By the End of 2023
After a Twitter poll last year where the majority of respondents said he should step down from the social media company, Musk tweeted, “I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams.”
Now he has said, “I’m guessing probably towards the end of this year should be good timing to find someone else to run the company because I think it should be in a stable position around the end of this year.”
Notably, Musk’s Twitter antics were an overhang for Tesla stock which lost 65% last year and had its worst-ever year. Tesla has since rebounded and some analysts believe that the stock has room to run even higher. There is a guide on how to buy Tesla stock.
Meme Cryptocurrencies Rise After Musk Tweet
Meanwhile, dog-themed cryptocurrencies like Dogecoin and Floki saw upwards price action after Musk tweeted the image of a dog working as Twitter CEO. Musk is among the biggest backers of Dogecoin and self-proclaimed himself as the “Dogefather.”
Musk has meanwhile made U-turns on Dogecoin also and termed it a “hustle” at one point in time. He also did not accept dogecoin as payment for Tesla calls despite a Twitter poll where the majority voted in favor. Dogecoin has seen buying interest though since Musk acquired Twitter. You can also buy Dogecoin with PayPal.
New Twitter Algorithm Spammed Users with Musk Tweets
Musk has apparently not been happy with the engagement numbers on his tweets. Reports say that he fired an employee who answered him that the views on his tweets have fallen as his popularity has come down since his acquisition.
Musk apparently attaches a great deal of importance to his Twitter following. During Tesla’s Q4 2022 earnings call, Musk denied any negative impact on the Tesla brand following his Twitter acquisition by pointing to his massive Twitter following.
He said, “That suggests that I’m reasonably popular. It might not be popular with some people, but for the vast majority of people, my follower count speaks for itself. I have the most interactive account — social media account, I think, maybe in the world, certainly on Twitter, and that actually predated the Twitter acquisition.”
Please stay tuned while we make adjustments to the uh .… “algorithm”
— Elon Musk (@elonmusk) February 14, 2023
Meanwhile, after several users complained that they were being spammed by Musk’s tweets, the Tesla CEO said that the company is making “adjustments” to the algorithm.
All said, the algorithm issue adds to the long list of troubles that Twitter has faced since Musk took over. That might not be the last trouble for the company as the microblogging site seems to be run by Musk’s whims.
Related stock news and analysis
- Best Twitter Crypto – Cryptocurrency Trending on Twitter
- What to Invest in Right Now? Top 10 Picks
- What’s Buffett Buying as Berkshire Sells TSMC Stock Within a Quarter
Love Hate Inu - Next Big Meme Coin
- First Web3 Vote to Earn Platform
- Vote on Current Topics and Earn $LHINU Tokens
- Secure, Reliable and Anonymous Voting
- Rug Pull Proof - 90% of Tokens Available in Presale
- Accumulate Voting Power by Staking $LHINU Tokens
This article was written for Business 2 Community by Mohit Oberoi.
Learn how to publish your content on B2C
Join our Telegram channel to stay up to date on breaking news coverage
Add B2C to your Google News Feed
Discuss This Article
Add a New Comment /Reply
Thanks for adding to the conversation!
Our comments are moderated. Your comment may not appear immediately.