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Elon Musk will leave his post as Twitter CEO

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Elon Musk has officially vowed to step down as Twitter’s CEO, after millions cast their votes in an online poll

The world’s second-richest man has announced his resignation as the chief executive officer at Twitter.

Elon Musk left his fate to users on the social media platform in which 10 million voted for his resignation.

Over 17.6 million users responded to the poll, which asked whether he should quit as the head of Twitter—a role he has held for two months.

Once the results were in, Musk said he will step down once he finds “someone foolish enough” to take on the position.

“After that, I will just run the software and servers teams,” he said.

The multi-billionaire bought the company for $US44 billion. However, he has made several controversial decisions since he took over, including laying off half of Twitter’s existing staff; and policies around hate speech.

Dan Ives is the managing director at Wedbush Securities, who said the poll ends a nightmare situation on the platform.

“From the botched verification subscription plan to banning journalists to political firestorms caused on a daily basis, it’s been the perfect storm as advertisers have run for the hills and left Twitter squarely in the red.”

Musk’s Twitter takeover also led to sharp impacts for the carmaker, Tesla, which has he run since 2003.

“Attention focused on Twitter instead of golden child Tesla has been another big issue for investors and likely is behind this poll results with many Musk loyalists wanting him to leave as CEO of Twitter,” Mr Ives said.

Musk has sold millions in Tesla stock since he took the reigns of Twitter.

This will “be a major positive for Tesla’s stock starting to slowly remove this albatross from the story,” according to Mr Ives.

He believes it signals “Musk finally reading the room that has been growing frustration around this Twitter nightmare that grows worse by the day.”

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

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A British digital currency “later this decade”

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The Bank of England and Britain’s finance ministry think the UK is likely to need to create a central bank digital currency later this decade.

“On the basis of our work to date, the Bank of England and HM Treasury judge that it is likely a digital pound will be needed in the future,” the Telegraph quoted BoE Governor Andrew Bailey and finance minister Jeremy Hunt as saying in the joint report.

“It is too early to commit to build the infrastructure for one, but we are convinced that further preparatory work is justified,” the Telegraph quoted the report saying.

The BoE declined to comment on the Telegraph article, but said a joint consultation on CBDC issues would be published shortly.

A government source said the report would be published next week.

BoE Deputy Governor Jon Cunliffe is due to give a speech on Tuesday to update the finance industry on the BoE’s CBDC work.

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Disney’s Drama

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What’s going on at Disney and why is the world’s largest entertainment company in trouble?

 
Dreams are a wish your heart makes, or at Disney, dreams are having a tough time of coming true.

After decades of turning children’s dreams into fantasies, the mouse-house is facing a crisis of leadership.

This Ticker Original looks at how the Walt Disney Company got here, and what happens next. #disney #bob iger

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The Tech Market Crash

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Since the Global Financial Crisis, tech companies have been riding high and making billions, so what happened?

 
It’s been a shocking year for tech companies. Riding high off the back of the pandemic, reality suddenly hit.

Across Silicon Valley, and spreading to Wall Street, the once darlings of the Nasdaq were suddenly hit hard.

So what happened, and where to from here?

This Ticker Original investigates. #snapchat #apple #tech stocks #nasdaq

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