Twitter’s Crypto Payments Are in Danger, and Musk’s Time as CEO Is Running Out

Based on the results of a Twitter vote, Elon Musk is anticipated to resign as Twitter’s CEO.

During his first nine weeks as CEO, Twitter lost hundreds of staff and the advertising conference was shortened. His impending resignation as Twitter CEO is likely to postpone crypto payments.

Twitter’s journey into digital currency payments will likely be put on hold as Twitter users demand Elon Musk’s departure.

After 53 difficult days at the head of the social media giant, more than half of Twitter users believe Musk should stand down as CEO.

Musk committed to acting in accordance with the poll findings after upsetting Twitter employees with sweeping policy changes and large layoffs.

At the time of publication, Elon Musk had not resigned and had warned users that the social media’s demise was impending. He did not designate a successor, noting, “No one who can keep Twitter alive wants the position.”

Musk seems to be taking a substantial risk by putting his destiny in the hands of Twitter users, despite his rocky nine-week tenure as CEO. If the next leader fails and Twitter declares bankruptcy, the CEO of Tesla might lose around $30 billion in stock investments. Moreover, he will lose control of the business.

When Elon Musk assumed control of Twitter in late October 2022, the firm was losing advertisers and spending around $1.2 billion yearly on sales and marketing. It is predicted that Musk’s dismissal of 3,700 workers would reduce the social platform’s yearly expenditures by around $860 million.

Crypto Twitter reacted favourably to Musk’s announcement, with Ethereum co-founder Vitalik Buterin expressing appreciation for Musk’s choice.

Also Read: U.S. Banking Committee Chairman Says Crypto Ban May Be Necessary