Three leadership qualities that Elon Musk’s replacement as Twitter’s CEO will need
In a strong response to a recent Twitter poll posted by Elon Musk, users of the platform have called for him to relinquish his position as chief executive officer. Musk has responded that he’ll step down when he “finds someone foolish enough” to take over as CEO, saying he will run the software and server teams instead.
But any replacement will need to be able to steer Twitter back to calmer waters, with Musk remaining majority owner. But the reality has been rather different. He has been criticised and abused, both online and in real life and now 57.5% of more than 17.5 million Twitter users have voted for him to stand down as its CEO.There has been some speculation that Musk has come under pressure from other Twitter shareholders and lenders to move on. Further, Musk has been selling billions in Tesla stock and its share price TSLA is down by over 60% this year.
Musk paid $44 billion to buy it, perhaps twice what it was worth. He has borrowed huge sums and sold large tranches of Tesla stock to help fund the acquisition. But he could now face interest payments to lenders of up to $1 billion a year unless Twitter’s financial health can be turned around. These are the brutal facts a new leader must confront.
But is it really a commercial proposition? It is not a platform like Facebook META or Instagram that can deliver billions of users to potential advertisers. Indeed, many prominent advertisers left the site apparently in response to Musk’s chaotic decision making. Musk changes his mind frequently—sometimes within hours, as we saw recently when he appeared to walk back a policy change regarding users’ ability to link to other social media accounts. He may rethink stepping down, or even appoint someone only to sack them.
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