Users on Twitter voted for Elon Musk to resign as CEO of the social media platform, a backlash against the billionaire less than two months after he became CEO.
57.5 percent voted Yes, while forty-two and a half voted No to the poll asking the billionaire if he should step down from the head of Twitter that he created on Sunday evening. Over 17.5 million people took part in the vote.
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According to Musk, he will abide by the results of the poll, but would not specify when he would step down. On the other hand, Tesla stocks were trading up around 5% in the premarket.
The billionaire, who lost his title as the richest person in the world earlier this month, also runs space ventures SpaceX and Neuralink, and operates the tunneling firm Boring Company.
Musk has worried Tesla investors after the Twitter deal that he has been spreading himself too thin.
EVs are facing increasing competition and supply chain issues, which have caused Tesla shares to lose 60% of their value so far this year.
“It appears Musk’s reign as CEO of Twitter will come to an end and thus be a major positive for Tesla’s stock, starting to slowly remove this albatross from the story,” Wedbush analyst Dan Ives said in a note.
Tesla is currently ranked one of the top automakers in the world, producing roughly around a million cars each year. But now there are concerns about recent logistical challenges, pandemic-related lockdowns in China, high borrowing costs, and a dim economic outlook.
Earlier this month, Musk told a Delaware court he would cut back on his time at Twitter and eventually find a new leader.