Investing 19-12-2022 16:02 18 Views

Elon Musk may soon step down as Twitter CEO: buy Tesla stock?

Tesla Inc (NASDAQ: TSLA) is in focus this morning after Elon Musk asked in a Twitter poll if he should step down as the Chief Executive of the social network he recently bought for $44 billion.

Should I step down as head of Twitter? I will abide by the results of this poll.

— Elon Musk (@elonmusk) December 18, 2022

What does it mean for the Tesla stock?

Roughly 17 million respondents participated in that poll and well over half of them (57.5%) said the billionaire should indeed exit the top role at Twitter Inc.

That spices things up quite a bit since Musk also said in the tweet that he will “abide by” whatever the respondents suggested. Explaining what it means for the Tesla stock, Loup Ventures’ Gene Munster said on CNBC’s “Squawk Box”:

It’s a positive for Tesla because investors just want him to be more involved with Tesla. He has this magnetic personality, Tesla investors believe, so having more of his time to Tesla, I think, helps with the multiple.

For the year, Tesla stock is down more than 60% at writing.

Will Elon Musk actually follow through?

Munster is also convinced that it wasn’t just a random poll and Musk will follow through especially since he reiterated just last month that he does eventually plan on cutting the time he spends on running Twitter.

I believe over the last seven weeks as he’s been more engaged with Twitter, he’s damaged Tesla’s brand. He’s become more political. So, I think there’s a benefit to Tesla, it’s a big deal, and Tesla investors should feel good.

Nonetheless, finding a top boss for the social networking company that Musk deems worthy still remains an issue.

The question is not finding a CEO, the question is finding a CEO who can keep Twitter alive

— Elon Musk (@elonmusk) December 18, 2022

No one wants the job who can actually keep Twitter alive. There is no successor.

— Elon Musk (@elonmusk) December 19, 2022

According to the billionaire, usage has reached record levels since he took over Twitter Inc and hate speech has receded significantly.

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