Twitter’s CEO job isn’t a job if Elon Musk can’t vacate it | Nils Bratley

MTaking part in a Twitter poll is such a silly idea that it’s still hard to believe that Elon Musk was being honest when he invited the site’s users to decide whether he should continue as CEO. One of the suspects had already decided to appoint an executive to take over the company — which he told a Delaware court he would do several weeks ago. The survey only created a stir.

In the unlikely event that users voted to keep him president, Musk could have given roughly the same answer he’s giving now. In short, he will stay in office for some time because a CEO cannot be appointed overnight.

The bigger question is what real power the new CEO will have at Twitter. Probably not much. Musk will continue to own Twitter and be free to intervene. Even when he confirmed he was stepping down, he said he intended to be in charge of the software side. The vacancy appears to be more like a Chief Operating Officer position. The scope of Musk’s challenge, even in small politics, will always be limited.

The result, then, looks very messy from the point of view of Tesla shareholders who prefer a clean finish. Tesla’s share price was $333 in April when the $44 billion takeover bid was launched; It was $230 when the deal completed in late October; It is now $137. Yes, the broader tech sector has been weak throughout the period; And yes, higher interest rates are a factor, Musk likes to argue. But his sales of stock in the electric car company (nearly $40 billion since late last year), his absence from day-to-day duties, and a general jamming of lines clearly contributed to the decline.

Musk’s stake in Tesla is only 13%, so, in other circumstances, the board and shareholders would have some leverage to tell him to focus on the day job. But this is clearly not going to happen. As long as Musk describes Twitter as an airplane heading for a crash landing, it will be practically whatever his job title is. This story will go on and on, and Tesla shareholders better get used to the truth.

Qualify for an F grade for failing accounting

A partner at a major UK accountancy firm can expect to earn close to £1m a year, so we probably shouldn’t be surprised that employees might cheat on the professional exams that are a requirement for getting onto the gravy train.

However, it is shocking that supposedly first-class partnerships cannot be trusted to acquire their homes in order to operate a fair examination system, which should not be the hardest task in the world given the financial resources at their disposal.

The Financial Reporting Council, the accounting watchdog, has not provided a detailed description of how widespread fraud is in the UK. It said it did not disclose “systemic” issues. On the other hand, there are “live” issues and their “ongoing” evaluation, which sounds bad enough. In fact, US regulators have already fined KPMG’s UK arm.

Clearly, the biggest failure of professional firms is the staggering number of audit scandals in recent years. But there is a connection: If exams are seen as open to abuse, mold will spread.

There is still a little light on the lamp transfer

Finally, the government has lifted the veil – a bit – on the terms of the transfer of Pulp, the depressed energy supplier, to Octopus. With the deal completed, the Business Department said Octopus will secure a financing facility of up to £4.5 billion to cover energy purchase costs for Bulb customers until the end of next March.

Actual facility utilization should be lower because wholesale energy prices have been dropping recently (even if the outlook for early 2023 doesn’t look good). So even when factoring in the £1.1 billion bill for taxpayers to own Bulb for 12 months, we should not be on the hook for the £6.5 billion mentioned by the Office for Budget Responsibility; His figure now seems the maximum for theoretical accounting, but not very likely.

However, what we didn’t get was disclosure of what Octopus is paying for Bulb’s business (estimates of £100m to £200m have yet to be confirmed) or what loan terms are being offered. On the Tour, the level of transparency around this deal remains appalling.

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