Elon Musk has shown commitment to abide by an earlier poll in which Twitter users overwhelmingly voted for him to step down as CEO of the social media platform. The poll, which had an incredible 17.5 million responses, concluded with 57.5%, or 10 million Twitter users voting for him to step down as CEO.
The Tesla CEO has since responded to the poll’s results stating that he will resign as soon as he finds ‘someone foolish’ enough to take the job. However, he will remain active at Twitter, running the software and server teams.
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.
— Elon Musk (@elonmusk) December 21, 2022
Tesla Investors Were Worried That He Was Spending Too Much Time at Twitter
Mr Musk‘s plans to find a replacement for the CEO at Twitter come when Tesla investors expressed increased concern that he was spending too much time running the social media platform. In addition, Tesla traders and Wall Street analysts saw that he was doing little to address anxiety over China easing COVID-19 restrictions that might impact production at Tesla’s Shangai Gigafactory.
‘Tesla stock price now reflects the value of having no CEO. Great job tesla BOD – Time for a shake up,’ tweeted Ross Gerber, a portfolio manager at Gerber Kawasaki.
Tesla (TSLA) Could Retest $166 On Elon Musk Announcing He Will be Stepping Down as Twitter CEO
The anxiety regarding the direction of Tesla has resulted in the value of its stock dipping in the traditional markets. The one-day TSLA chart below, courtesy of Tradingview, shows that shares of the EV company are in bear territory, trading below the 50-day (white), 100-day (yellow), 200-day (green) and 200-week (red) moving averages.
However, TSLA’s daily MFI (green), MACD and RSI (red) hint at an oversold scenario that could result in a significant bounce towards the 200-week (red) moving average around the $166 price area.
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