Twitter’s role in digital currency payments may take a back seat as Twitter users ask Elon Musk to quit.
More than half of respondents to a Twitter poll voted that Musk should step down as CEO after 53 days of turmoil at the social media company.
Elon Musk stands to lose $30 billion
Kasturi, after ruffling feathers with drastic policy changes at the microblogging company, vowed to act according to the election results and mass layoffs,
At press time, Elon Musk had not quit and warned users that social media bankruptcy was imminent. He did not name a successor, saying “no one wants the job who can actually keep Twitter alive.”
Despite nine weeks of turmoil, Musk is taking a significant risk by putting his fate in the hands of Twitter users. If the next leader fails and Twitter files for bankruptcy, Tesla CEOs will jointly stands to lose About $30 billion in equity investment. Additionally, he would lose control of the company.
When Elon Musk took over Twitter in late October 2022, the company was hemorrhaging advertisers and spending about $1.2 billion annually on sales and marketing. Musk is laying off 3,700 employees assessmentd will cut the social platform’s annual spending by about $860 million.
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