Twitter users vote to oust Musk as CEO

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Twitter users voted in a poll for Elon Musk to step down as chief executive of the social media platform, in a backlash against the billionaire less than two months after he took over.

About 57.5 percent votes were for “Yes”, while 42.5 percent were against the idea of Musk stepping down as the head of Twitter, according to the poll the billionaire launched on Sunday evening. Over 17.5 million people voted.

Musk said on Sunday he would abide by the results of the poll, but did not give details on when he would step down if results said he should.

Shares of Tesla Inc TSLA.O, the electric-car maker Musk heads, were up about 3 percent at $154.70 in premarket trading.

The poll is the latest twist in Musk’s chaotic reign as Twitter CEO since October, which includes rapid firings of top management and thousands of employees, seesawing on how much to charge for Twitter’s subscription service Twitter Blue, and reinstating banned accounts, including that of former US President Donald Trump.

Tesla investors have been concerned Musk has been spreading himself too thin following the Twitter deal. Musk also backs medical device company Neuralink and heads rocket company SpaceX.

Tesla shares have already lost nearly 60 percent of their value this year, as, like other carmakers, it battles supply chain issues.

“If he (Musk) does decide to step down, that could inject Tesla shares with a temporary shot of optimism, amid hopes he might finally pay the carmaker the attention it needs,” Susannah Streeter, an investment and market analyst with Hargreaves Lansdown, said.

Analysts at Oppenheimer downgraded Tesla, saying the negative sentiment on Twitter could linger long term and become an overhang on Tesla.

Musk said last month he had too much work on his plate and would reduce his time at Twitter, while eventually finding a new leader to run the social media company.