Tesla Stock Rises as Musk’s Twitter Poll Indicates Possible Departure as CEO

By Senad Karaahmetovic

Tesla’s shares have risen more than 4% in pre-market trading on Monday following a Twitter poll conducted by CEO Elon Musk. The poll, which attracted over 17 million votes from his 120 million followers, asked whether he should step down as CEO of the social media platform. The majority, 57.5%, indicated that he should resign, and Musk has stated he will respect the poll’s outcome.

He later tweeted, "As the saying goes, be careful what you wish for, as you might get it."

In recent remarks, Musk indicated his intention to reduce his involvement with Twitter and to "find somebody else" to lead the company. He clarified, "The question is not finding a CEO, the question is finding a CEO who can keep Twitter alive."

Tesla’s stock faced a challenging week, dropping over 16% and closing below its 200-week moving average. The shares have decreased nearly 23% so far this month, primarily due to concerns that Musk’s attention is too heavily focused on Twitter. This has placed Tesla’s stock at its lowest level since November 2020.

Last week, Musk revealed that he sold an additional 22 million shares of Tesla, amounting to approximately $3.6 billion.