- 79% of CEOs surveyed at a Yale summit believe Elon Musk has become detrimental to the value of their companies.
- A majority of executives also said companies should stop advertising on Twitter.
- Some Tesla investors are urging him to turn his attention back to Tesla.
Even some of Elon Musk’s peers no longer seem too confident in his business decisions.
A new poll of CEOs by the Yale School of Management found that 79% of 100 executives surveyed believe Musk has become “damaging” to the value of his companies. Additionally, 69% of CEOs said they believe Twitter’s best days are behind it, and three-quarters of executives said they don’t think the company will be more valuable in five years.
The survey was conducted at the invitation-only Yale CEO Summit held last week. At the event – which hosted top CEOs from the worlds of technology, transportation and finance – attendees were asked confidentially about a variety of business topics, including Musk’s acquisition of Twitter.
Many of the executives also had concerns with advertising on Twitter — which accounted for 90% of the company’s revenue last year. 56% of CEOs surveyed said companies should stop advertising on Twitter, and 100% said CEOs should be concerned if their brands are associated with hate speech. Although, 65% said their organization has yet to pull its ads from the social networking site — which has reportedly seen a rise in hate speech in the days since Musk’s takeover, though Musk has claimed it has been pushed back.
Meanwhile, 98% of executives agreed that the billionaire overpaid for Twitter when he bought it for $44 billion in October.
A press release from the event said some attendees condemned Musk’s power on Twitter and his “seemingly arbitrary decisions” at the company.
Jeffrey Sonnenfeld, who hosted the summit, told Bloomberg that Musk’s admirers, including Oracle founder Larry Ellison, had “explained” to him the behavior of Tesla CEOs in the past, pointing to his success at the electric car maker. cars, as well as SpaceX.
“There have been some technological triumphs that have stood out,” Sonnenfeld told Bloomberg of Musk’s track record. “But we could match each of them with 10 failures that the media seems past because it dangles the new, shiny object and distracts you.”
While Musk appears to have fallen out of favor with some executives at the Yale CEO Summit, Insider’s Melia Russell previously reported that some tech founders are hoping to emulate the work Musk did during his Twitter crackdown — from massive layoffs to calls for “extremely hard-line” workers. Last month, tech investor Daniel Friedberg said Musk’s Twitter playbook could set a new standard for Silicon Valley — “cutting deep.”
After several chaotic weeks as “Chief Twit,” Musk has indicated that his focus on Twitter may be coming to an end. On Tuesday, Musk said he would step down as CEO of Twitter once he finds someone “stupid” enough to replace him, after 57.5% of Twitter users who responded to a poll on whether he should step down voted for Musk to resign from Twitter. CEO. However, he added that he would still lead Twitter’s software and server teams if he were no longer CEO, which would also be a big job that would likely be time-consuming.
A future Musk resignation could be a relief to some. Several Tesla shareholders have expressed concern that Twitter has become too much of a distraction for the automaker’s CEO. And Tesla’s third-largest shareholder, Leo KoGuan, said on Twitter last week that “Tesla needs and deserves a full-time employee CEO.”
The electric car maker’s stock has fallen more than 50% this year. However, shares of the EV company appeared to be responding positively to the possibility that Musk would step down as CEO of Twitter on Monday. The billionaire has unloaded nearly $40 billion worth of Tesla stock over the past 14 months.