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The electric-car maker's shares jumped in pre-market trading on Monday after a majority of users of the social media company voted in favor of Musk stepping down as CEO.
In a vote on Monday, users of the social networking site voted in favor of Musk stepping down as CEO of the company.
In pre-market trading on Monday, Musk's shares were up around 3%, after a majority of his followers voted for him to step down as CEO of the micro-blogging site.
Musk said he would abide by the results of the poll.
Prior to this, several major shareholders ofTesla and analysts had expressed concerns that Musk's controversial actions as the head ofTwitter was causing irrevocable damage to the company's brand.
The share price of the electric car company has fallen more than 50% in the past three months and more than 30% in the past month.
$7 billion. That's the total value of the stock that Musk has sold since he bought the company. In the past year, Musk has sold more than 40 billion of the electric car maker's shares, raising concerns among investors that he was using the company to prop up the social networking site. According to reports, Musk admitted to selling stock to save the company.
The analyst warned last month that Musk's antics were hurting the company. While the billionaire has made controversial remarks in the past, his willingness to openly jump into the arena of partisan politics and engagement with far-right figures has gone up since his takeover of social media. Musk has not shied away from attacking people who he deems to be left-wing. In the past week, Musk has attacked the country's top infectious disease official and made references to the conspiracy theory. According to a poll from last month, Musk's comments seem to have a direct impact on the perception of the brand. The favorability of the electric-car maker rose among Republicans but fell among Democrats. According to polls, Democrats are more likely to purchase an electric car than Republicans.
Most voters said yes when Musk asked if he should step down as CEO.
Musk moved further away from the title of richest person in the world.
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