[Asia Economy Reporter Kim Heeyoon] Elon Musk, CEO of Tesla and Twitter, has repeatedly expressed his intention to step down from the frontline management of Twitter within this year.
On the 15th (local time), according to foreign media including AFP, Musk attended the World Government Summit (WGS) held in Dubai, United Arab Emirates (UAE) via video call and, when asked about the Twitter CEO succession plan, said, "The right time to find someone else to run the company will likely be around the end of this year."
Last year, Musk put his resignation as Twitter CEO to a vote. Since the majority voted in favor of his resignation, Musk announced that he would look for a successor.
He added, "I need to stabilize the organization, ensure it is in a healthy state, and that the product roadmap is clearly designed," and said, "I think we should be in a stable position by the end of this year." Musk did not mention who his successor would be.
In October last year, Musk acquired Twitter for $44 billion (approximately 56.5 trillion KRW). Since the acquisition, Twitter has experienced turmoil due to Musk's erratic actions, including laying off half of Twitter's employees and suspending numerous accounts of prominent media journalists.
Twitter was highly dependent on advertising revenue, with 89% of its 2021 revenue coming from ads. However, due to the 'owner risk' caused by Musk's erratic behavior, advertisers have continued to leave, putting the company in a management crisis.
At the meeting, when asked about his busy work schedule, Musk confessed, "I work seven days a week, most of my waking hours. Honestly, I want to work less than that."
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