Tesla stocks were up by 5% in pre-market trading on Monday following the publication of a poll on Twitter by Elon Musk. In the poll, Musk asked respondents to choose whether or not they believe he should step down from his role as the head of Twitter, adding that he would “abide by the results of the poll.”
Upon closing on Monday morning 57.5% of the 17.5 million voters expressed their desire for Musk to step down from his leadership role at the social media company.
“From the botched verification subscription plan to banning journalists to political firestorms caused on a daily basis, it’s been the perfect storm as advertisers have run for the hills and left Twitter squarely in the red ink potentially on track to lose roughly $4 billion per year we estimate,” Wedbush Managing Director Dan Ives said of Musk’s time in charge.
As a result of Twitter’s rocky performance since his takeover, Musk has repeatedly sold off Tesla stock in an attempt to pour more finances into Twitter. In Ives’ opinion, it is impractical for Musk to be CEO of both companies. Furthermore, Ives suggested that Musk would be better suited to continue in his role as Tesla boss, where he has enjoyed a proven track record of success.