Elon Musk confirms he will resign as Twitter CEO once he finds replacement
Win McNamee

Elon Musk confirmed he will step down as head of Twitter (TWTR) once he finds a replacement.
"I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams," Musk tweeted on Tuesday night.
The development was highly-anticipated after Elon Musk said he would abide by the results of a 24-hour Twitter poll on whether he should give up the role. The poll ended with 57.5% of the 17.5M respondents voting "yes" that Musk should step down as CEO.
Musk is said to be actively searching for a new Twitter chief executive, CNBC reported on Tuesday. Last month during Muskâs testimony in a case concerning his $55 billion pay package, the current Tesla (NASDAQ:TSLA) and Twitter (TWTR) chief said he will âfind somebody else to run Twitter over time" and gradually step away from an active role in the social media giant.
Several analysts have called the developments a positive for Tesla's (TSLA) stock, including Wedbush Securities analyst Dan Ives. The removal of the "major overhang" on Tesla's stock is seen helping slow down or end any brand deterioration related to Musk. 
The next step for Tesla (TSLA) may be to follow the advice of large shareholder KoGuan Leo and name a successor for Musk. Other investors have agreed that a CEO succession plan is critical with Tesla (TSLA) aiming to ramp up production at two new assembly plants, prepare to ship the new Cybertruck, and construct its fifth Gigafactory. Of course, the EV giant is also looking to navigate what is expected to be a choppy economic climate in 2023 and potential deceleration in EV demand. Whether or not the successor is lined up to step in the CEO role position anytime soon, an announcement on a succession plan is seen calming institutional investors.
What to watch: Perhaps lost in all the drama over Tesla's (TSLA) share price slide and the Twitter distraction, the electric vehicle giant is only two weeks away from reporting on its Q4 deliveries. Tesla (TSLA) is seen having a chance to hit 450K to 465K deliveries for the quarter with Giga Berlin and Giga Austin contributing. If Tesla (TSLA) could hit 475K deliveries, the company could re-charge the bull argument by achieving its broad target for 50% production growth. Read more about Tesla's plans to locate its 5th Gigafactory in Mexico.
-- Josh Fineman contributed to this report.