Elon Musk, Twitter Inc.鈥檚 new owner and until recently the world鈥檚 richest person, has spent most of the past two months pouring his time, energy and finances into the highest-profile social network on the internet. But finally, Musk seems to be running out of gas.
On Tuesday evening, he announced plans to find someone else to run the company. He was adhering to the results of his own Twitter poll, which showed almost 58% of voters wanted him to step down.
During the 12-hour window that the poll stayed open, Musk tweeted relentlessly, coming across like a man worn down and skeptical that the company he paid $44 billion for just two months ago can even sustain operations.

Fans take photos with Elon Musk during the FIFA World Cup Qatar 2022 Final match between Argentina and France at Lusail Stadium on Dec. 18 in Lusail City, Qatar.
鈥淭he question is not finding a CEO,鈥 he wrote shortly after the poll started Sunday afternoon. 鈥淭he question is finding a CEO who can keep Twitter alive.鈥 When Lex Fridman, the popular AI researcher and podcaster, offered to run Twitter on Musk鈥檚 behalf, the CEO replied that Fridman 鈥渕ust like pain a lot.鈥
People are also reading…
鈥淥ne catch: you have to invest your life savings in Twitter and it has been in the fast lane to bankruptcy since May,鈥 he added. 鈥淪till want the job?鈥
Musk joined Twitter Spaces, the company鈥檚 live audio service, after confirming that he would step aside and explained the financial squeeze. He said Twitter is facing negative cash flow of about $3 billion next year because of its spending plans and interest payments, which is why he spent the past few weeks 鈥渃utting costs like crazy.鈥 Now he said the company should be able to get to roughly cash flow breakeven next year. 鈥淭his will be difficult,鈥 he said.
Musk has tweeted incessantly during his tenure, taking the news cycle with him. He picked fights with the media and leaked his own employees鈥 private messages and emails; he sparred with Apple Inc., reinstated former President Donald Trump鈥檚 account based on the results of a Twitter poll, and recently started discussing the possibility of his own assassination. Musk has a knack for becoming Twitter鈥檚 main topic of discussion, even when he doesn鈥檛 intend to be, like when he was booed at comedian Dave Chapelle鈥檚 show in San Francisco earlier this month.
If Twitter鈥檚 user growth has increased since Musk took over in late October, a claim he often repeats, it鈥檚 easy to assume people are there to see what Musk does next. The result is akin to Trump鈥檚 presidency 鈥 but even Trump took a day off to play golf every now and then.
Running Twitter is a uniquely pressured job, involving making decisions critical to global political discourse in one moment, and making a call on the product vision in the next moment. Former CEO Dick Costolo once equated it to 鈥渄og years鈥 鈥 a single year running Twitter was like working seven years at the helm of another company, he said.
Under Musk, though, time feels even more compressed, with chaos sparked all day, and on evenings and weekends. In the short time Musk has controlled the company, almost everything he鈥檚 decided has spurred intense debate, often resulting in his reversal of those same controversial decisions. Those who have worked with him these past two months describe a leader who is impulsive, erratic and ultimately ill-prepared for the challenges Twitter provides, which include dealing with internet speech and a user base whose power users spend much of their time writing and commenting about the company itself. Despite months to prepare for the eventuality that he would ultimately own Twitter, Musk showed up largely without a plan, they say.
That much is evident when you examine Musk鈥檚 approach to Twitter鈥檚 business, which was profitable at the beginning of the year but somehow losing $4 million per day by early November, Musk claims. Musk鈥檚 own antics have scared off Twitter鈥檚 advertisers; he has tweeted misinformation, posted masturbation jokes, and bungled Twitter鈥檚 verification program by enabling imposter accounts to pose as major brands.
Add in the debt that Musk took out to buy the company 鈥 resulting in $1.2 billion in estimated annual payments for Twitter 鈥 and the company may indeed be in the 鈥渇ast lane to bankruptcy,鈥 as Musk called it.
Part of the problem may be that Musk just doesn鈥檛 have the time needed to run a company with as many problems as Twitter. 鈥淲e are seeing somebody who is a technological genius who is at the end of his tether 鈥 he鈥檚 overstretched,鈥 said Jeffrey Sonnenfeld, a professor of leadership studies and management at Yale who has followed Musk鈥檚 career closely. Prior CEO Jack Dorsey attracted activist investor attention for holding two jobs. Musk, by contrast, has at least three, and several other time-sucking hobbies.
Tesla Inc., by far his most valuable holding, has suffered mightily. Its shares have tumbled by more than 60% this year, including an 8.1% drop on Tuesday.
Musk has been both impulsive and self-destructive during his short time in charge of Twitter, Sonnenfeld added, a combination that has led to a loss of trust among advertisers. Musk鈥檚 response has been to distract people from Twitter鈥檚 problems, a skill he鈥檚 mastered at his other companies where he makes all kinds of promises that go unfulfilled but leave people optimistic that things will soon improve. 鈥淔rom flame throwers to leaf blowers, he鈥檚 in the business of distraction,鈥 Sonnenfeld said. 鈥淲ith Twitter, he鈥檚 flailing about worse than ever, like a wounded animal in the corner.鈥
Elon Musk and Twitter: A timeline
January 31: Musk begins building up his Twitter stake

Musk starts quietly buying up Twitter shares, building his stake in the company. But it would be months before he disclosed this fact to the public.
March 14: Musk's Twitter stake tops 5%

Musk's stake in Twitter tops 5%, but that fact is not disclosed until the following month. Musk was obligated to disclose his stake within 10 days of crossing the 5% threshold, but waited 21 days to do so. During that time, he continued building up his stake.
March 24: Asking whether Twitter should change

The billionaire begins to make pointed statements about the platform from his account. "Twitter algorithm should be open source," he wrote, with a poll for users to vote "yes" or "no."
The following day, Musk tweets out another poll to his followers: "Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?"
April 29: Musk cashes out billions in Tesla stock

Filings reveal Musk sold $8.5 billion of his Tesla stock in the three days after Twitter board agreed to the sale for an average of $883.09 per share. The filings did not disclose the reason for the sale, but Musk appeared to be raising funds to buy Twitter.