The Twitter CEO, Elon Musk pledged to quit his position as soon as he finds a replacement. 

He is specifically looking for a prospective replacement, according to a source familiar with the issue who spoke to Bloomberg.

Musk took to Twitter and said, "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 and servers teams.”

Musk responded to his earlier poll on Twitter, in which he asked users if they thought he should step down as Twitter's CEO. Additionally, he pledged to "abide by the findings" of the vote. According to the poll's findings, 57.5 per cent of participants favored Musk's resignation. No matter what the results of that search are, Musk will have to contend with the FTC's mounting concerns.

According to individuals with knowledge of the matter who discussed it with Bloomberg, as a result of Musk's acquisition, the federal government is broadening its investigation into Twitter's privacy and data security regulations. By pursuing and acquiring Twitter, Musk lost his title as the richest man in the world and his money has been depleted. Tesla stock has been suffering as a result.

As a result of Musk alienating some users with his fast shifting moderation policy decisions and the departure of more than half of Twitter's 7,500 employees, the company has been shedding advertisers like water. According to a tweet from Musk this week, the social media company has supposedly been on the fast track to bankruptcy since May.