After he resigns his CEO position, Musk will still be in charge of the software and server teams. In a survey he ran earlier this week, around 58 percent of respondents said that he should step down.
Even though he doesn't have an explicit CEO title, Musk will still have direct control over the company even if he doesn't have one. Musk has de-facto control over product at most of his companies, and he's still the owner of the company at the end of the day. It is likely that the announcement means that he will not be stepping down as CEO.
There are another group of people that Musk has to satisfy and that is the shareholders of the company. Since November 1st, when Musk bought the company, the company's share price has plummeted, falling to around $137 on Tuesday.
Musk has blamed the drop in interest rates for making saving more appealing than investing, but some shareholders have raised concerns about the company's engineers going to work at Twitter and how Musk views his other companies. According to Business Insider, Ross Gerber, a head of a firm invested in the company, said that the CEO's use of the internet to discuss the problems of Hunter Biden was not good for the company's image. Since he promised to stop doing that this spring, Musk has sold billions of dollars of stock in the company. It's possible that some of the money from the sale of the electric car maker went to prop up the social networking site.
It doesn't seem like Musk will step away from Twitter any time soon, despite the fact that his shares once made him the world's richest man. It is possible that whoever he gets as CEO will be tasked with trying to corral advertisers and policymakers. When it comes to the use of social media, it seems like it's still going to be Elon's job to be the chief twit.
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