Twitter votes for Elon Musk to step down after pressure from Tesla investors
Elon Musk has put his role as head of Twitter up to a vote, and the people have spoken: He should step down as the leader of the social media platform he owns.
It comes after pressure from Tesla investors, who feel abandoned.
As we reported over the last few weeks, Tesla investors have become more vocal about their dissatisfaction with their CEO, Elon Musk, spending a lot of time on Twitter and selling Tesla shares to support the company.
On top of it, many see him becoming more political through his own use and leadership of Twitter and believe that the trend is affecting Tesla as many car buyers have difficulties separating Tesla and Musk.
Tesla investors have been calling for Musk to step down from the role of CEO at Twitter and refocus on Tesla, but Musk has mostly ignored their pleas.
It reached a level where investors were starting to now call for Musk to step down from his role as CEO of Tesla instead.
Leo KoGuan, the third largest Tesla investor, told Electrek last week:
The point of no return, Elon has moved on permanently I think from Elon the engineer par-excellent to Elon the supreme political king-maker. Based on this assumption, only based on this assumption, Elon should find his own successor approved by independent BOD members. Of course, BOD should set up an independent search committee to find a new CEO.
Following a few more mistakes over the last few days, like suspending journalists and banning sharing links to other social media, both moves that were later at least partly reverted, Musk’s own leadership of Twitter has come into question as well.
Stuck between the two, Musk took to Twitter yesterday with a poll to ask whether he should remain the head of Twitter:
The CEO says that he will abide by the result of the poll – something he has done in the past over other matters.
Over 17 million people voted and a somewhat strong majority (57%) voted in favor of him stepping down. That’s impressive considering Musk has a block list preventing people he dislikes from seeing or voting in this poll and the poll went out to his own followers.
Musk doesn’t appear to have a clear successor to lead Twitter – though he tweeted with Lex Fridman, an engineer and podcaster, about potentially taking over.
Tesla’s stock (TSLA) was up by as much as 5% in pre-market trading following news of the poll.
Electrek’s Take
Let’s see what he means by “stepping down” here. He still owns the company and it is private. As far as we know, there’s no board in place yet nor a clear structure to find a replacement.
Therefore, I don’t think finding someone else to lead the day-to-day will resolve all the issues for Tesla shareholders, but it would certainly free up more time for the CEO to spend on the company.
However, the loss in credibility that he suffered through those Twitter antics is likely to have a lasting impact on both Tesla and Twitter.
As for the latter, if Musk truly wants it to be a platform for free speech that serves the center rather than the extremes of both political sides, Twitter is probably better off with someone more apolitical than himself.
Fridman could potentially be a good option in my opinion. He does seem less political and more level-headed than Musk.
Either way, I hope that this means I can soon stop reporting on this Twitter nonsense and focus on more fun stuff again.
What do you think? Let us know in the comments section below.
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Environment
Tesla hires celebrity ambassador despite Elon Musk saying they don’t pay for endorsements
Tesla has hired a celebrity ambassador, a departure from Elon Musk’s policy of not paying for celebrity endorsements.
Musk has often bragged about the fact that Tesla doesn’t pay for celebrity endorsements in contrast to other automakers who hire celebrity brand ambassadors to promote their cars.
Much like advertising, Musk seems to be abandoning this strategy.
Tesla announced that it hired Olympic shooter Kim Ye-ji, whose performance at the Paris Olympics this summer went viral, to be the automaker’s brand ambassador in Korea.
Kim said about her new partnership with Tesla:
I’m very excited to work with Tesla, who have recognized me. I hope to convey a positive message together with Tesla.”
Here are a few pictures released to announce her new partnership with Tesla:
Kim’s agency said that her relationship with Tesla started from CEO Elon Musk tweeting about her viral performance at the Olympics:
“The relationship between Kim Ye-ji and Tesla developed after Elon Musk mentioned her. The company said that Kim is Tesla Korea’s first brand ambassador.”
She is not only Tesla Korea’s first ambassador, but she is the first known paid celebrity ambassador for Tesla globally.
The policy change is not entirely surprising since the policy of Musk not paying celebrities to endorse Tesla’s products was often attached to the automaker’s strategy not to advertise.
Musk went as far as to say that he “hates advertising,” and Tesla started advertising last year.
The change in strategy coincidently, or not, came after Musk bought Twitter, a company relying on advertising, and Tesla even started to advertise on Twitter, now called X.
Tesla sales in Korea haven’t been amazing, but the country’s auto market greatly favors domestic brands. The American automaker does fairly well for a foreign brand with the Model Y becoming the best-selling imported vehicle in Korea during the first half of 2024.
Although, it amounted to just over 10,000 units.
Electrek’s Take
It’s a change of strategy, and Elon certainly can’t claim that Tesla doesn’t pay for celebrities to endorse its products, but it is probably a smart move due to the fact that Koreans prefer domestic brands.
Kim could help create a deeper level of attachment to the Tesla brand, but I don’t really know. I’m just speculating.
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Kia just broke its October sales record as its impressive US sales run continues. After another record-breaking month, Kia said the growth is fueled by “strong demand” for its electric vehicles.
Kia sets new October sales record in the US
Kia sold 69,908 vehicles in the US last month, up 16% from its previous October sales record in 2023.
According to Kia, higher demand for its electric models is charging up sales in the US. Kia’s electrified sales (EVs, PHEVs, and HEVs) reached its highest ever in October.
All-electric vehicles (EVs) led the way, with sales surging 70% year-over-year (YOY). Plug-in hybrid (PHEV) and hybrid (HEV) sales were up 65% and 49%, respectively, from October 2023.
Kia’s first dedicated electric model, the EV6, set a new October sales record with 1,941 units sold. Through the first ten months of 2024, Kia has now sold over 17,700 EV6 models in the US. Meanwhile, its first three-row electric SUV, the EV9, continues to defy expectations.
With another 1,941 models sold last month, Kia EV9 sales reached 17,911 through October. That’s even more than the EV6 despite costing +$12,000 more.
Kia’s first US-made EV9 rolled out of its West Point, GA plant this summer. Although the EV9 is expected to qualify for the full $7,500 federal tax credit next year, Kia is matching it for now through incentives.
Next year, we will also finally see the EV9 GT, which Kia promises will have “enormous power.” Ahead of its official debut, we got our first look at the sporty electric SUV with an active spoiler last month.
| 2025 Kia EV9 Trim | Starting Price* |
| Light Standard Range | $54,900 |
| Light Long Range | $59,900 |
| Wind | $63,900 |
| Land | $69,900 |
| GT-Line | $73,900 |
Earlier this month, we learned that the 2025 EV9 will start at $54,900 (not including the destination fee), which is only $700 more than the 2024 model.
With prices dropping to potentially under $50,000, Kia’s three-row electric SUV is a steal. If you’re ready to experience the EV9 for yourself, we can help you get started. You can use our links below to view deals on Kia’s electric vehicles in your area.
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The outcome of the U.S. presidential election on Nov. 5 won’t affect oil production levels in the short- to medium term, Exxon CEO Darren Woods told CNBC on Friday.
Former President Donald Trump has called for unconstrained oil and gas production to lower energy prices and fight inflation, boiling his energy policy down to three words on the campaign trail: “Drill, baby, drill.”
“I’m not sure how drill, baby, drill translates into policy,” Woods told CNBC’s “Squawk Box” Friday after the largest U.S. oil and gas company reported third-quarter results.
Woods said U.S. shale production does not face constraints from “external restrictions.” The U.S. has produced record amounts of oil and gas during the Biden administration.
Over the past six years, the U.S. has produced more crude oil than any other nation in history, including Saudi Arabia and Russia, according to the Energy Information Administration.
Output in the U.S. is driven by the oil and gas industry deploying technology and investment to generate shareholder returns based on the break-even cost of production, the CEO said.
“Certainly we wouldn’t see a change based on a political change but more on an economic environment,” Woods said. “I don’t think there’s anybody out there that’s developing a business strategy to respond to a political agenda,” he said.
While shale production has not faced constraints on developing new acreage, there are resources in areas like the Gulf of Mexico that have not opened up due to federal permitting, the CEO said.
“That could, for the longer term, open up potential sources of supply,” Wood said. In the short- to medium term, however, unconventional shale resources are available and it’s just a matter of developing them based on market dynamics, he said.
Exxon Mobil shares in 2024.
The vast majority of shale resources in the U.S. are on private land and regulated at the state level, according to an August note from Morgan Stanley. About 25% of oil and 10% of natural gas is produced on federal land and waters subject to permitting, according to Morgan Stanley.
Vice President Kamala Harris opposed fracking during her bid for the 2020 Democratic presidential nomination. She has since reversed that position in an effort to shore up support in the crucial swing state of Pennsylvania, where the natural gas industry is important for the state’s economy.
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