Is Elon Musk, The Chief of Twit, Selling His Twitter Shares?

YEREVAN (CoinChapter.com) – Elon Musk, the current CEO of Twitter, posted a pole on Dec 19, asking the users to vote on his resignation. The tweet sparked a heated debate on the CEO’s real intentions, with potential candidates ranging from hilarious to troubling.

Elon Musk promises to abide by the results of the pole

The tweet below came after the company CEO apologized for policy changes that he did not warn were coming. In detail, on Dec 18, Twitter banned links to other social media sites and announced it would suspend accounts that try to direct users to alternative platforms.

“Going forward, there will be a vote for major policy changes. My apologies. Won’t happen again,” later commented Musk, then asked the Twitterverse to vote on whether he should remain the chief executive of Twitter.

Plenty of willing CEO contestants, from Edward Snowden to Lily the dog

As of 6:00 am GMT, voters have 4 hours to decide. However, the pole sparked a debate on Musk’s intentions. Artificial intelligence researcher and podcaster Lex Fridman offered his services free of charge.

You must like pain a lot. One catch: you have to invest your life savings in Twitter, and it has been in the fast lane to bankruptcy since May. Still want the job?

replied Musk to Fridman’s suggestion.

Unlike Fridman, Edward Snowden, the former computer intelligence consultant who leaked highly classified information from the National Security Agency in 2013, said he would graciously accept Bitcoin.

Lily, the dog, was also noted among CEO contestants, offered by Canadian writer Katherine Brodsky.

While the photo above does not convey Lily’s eagerness to step up, Musk’s motives are also under question. The pole comes after the CEO allegedly sought to sell his Twitter shares in search of new funds.

Is the Twitter CEO selling his shares?

According to Financial Times, on Dec 15, the head of Elon Musk’s family office approached investors who helped the billionaire raise funds for the Twitter buyout as the company continues to “bleed cash.”

“According to two people familiar with the matter,” Jared Birchall, a former Morgan Stanley banker, offered new shares at $54.2 — the same price Musk paid to take the company private. Investment adviser Ross Gerber, who invested in the Twitter deal in October, confirmed he had received the offer.

Everything has been done haphazardly and roughly. They’re doing it because they’re out of money. I don’t think [Musk] expected such a big drop in revenue.

said the investor.

Meanwhile, Twitter had been dire before Musk’s acquisition was final.

According to June 30 data, the company’s net debt totaled nearly $600 million. Then, in late October, Musk bought Twitter after a dramatic six-month legal row, funding the acquisition with about $13 billion of debt and outside equity capital of about $7 billion.

Also read: As people in Europe suffer from US-led sanctions on Russia, Asian giants like India buy cheap oil

Additionally, according to a review of Twitter’s loans by Mr. Davies, the former credit analyst, the company will have to pay at least “$9 billion in interest to banks and hedge funds over the next seven to eight years” when the $13 billion in debt matures.

The controversy over Twitter funding continued when Musk was spotted at the Lusail stadium in Qatar, watching the final match with Donald Trump’s son-in-law Jared Kushner. Following the slew of posts on the matter, the Twitterverse exploded with speculation that Kushner might be the new CEO after all.

Click here to keep up with the ever-changing crypto market and never miss the scoop!