Elon Musk wants a new CEO who is foolish enough

Elon Musk said Tuesday that he will continue to run Twitter's server and software teams after he relinquishes his CEO role to "someone foolish enough to take it." He broke the news in response to a poll he conducted earlier this week in which some 58 per cent of respondents said he should step down as chief executive.

Given that the social networking site is mostly made up of software and servers (especially after the mass layoffs), it's clear that Musk will remain in direct control of the company, even if he doesn't have the explicit title of CEO. That's not necessarily a surprise; Musk has de facto control over the product in most of his companies, and at the end of the day, he still owns Twitter. But the announcement is likely to come as a disappointment to anyone hoping that his resignation as CEO will put an end to Twitter's wild roller coaster.

While Musk has indicated that he is primarily interested in Twitter users who are willing to pay him for the service, there is another group of people he must satisfy: Tesla shareholders. The company's share price has been falling since Musk bought Twitter, falling nearly $100 in value since November 1, to around $137 when markets closed Tuesday.

Musk has, at various times, blamed falling interest rates for making saving more attractive than investing, but some Tesla shareholders have raised concerns about the company's engineers going to work at Twitter and how Musk's Twitter antics are reflected in his other companies. "The only problem is the optics of having the CEO on Twitter every day discussing Hunter Biden's problems," said Ross Gerber, a principal at a firm that invested in Tesla, according to Business Insider. Musk has also sold billions in Tesla stock since he vowed to stop this spring (and again this summer). It seems likely that some of the money from the Tesla liquidation went to help prop up Twitter.

Unfortunately for Tesla shareholders, a group involving Musk, whose actions once made him the world's richest man until the stock price crash cost him that title, it doesn't seem like Musk has any intention of walking away. Twitter in the short term. Sure, whoever the CEO is may be tasked with trying to corral advertisers and lawmakers, both of whom have been eyeing Twitter's new management with suspicion. But when it comes to the Twitter that people actually use, it looks like Elon will continue to be the Twit Boss.