Elon Musk announced Tuesday that he would resign as Twitter's CEO after selecting a replacement.

"I will resign as CEO as soon as I find a fool to accept the position!" Musk stated on Twitter that he would oversee the software and server teams.

This is the first time Musk has addressed resigning as chief of the social media site after Twitter users voted overwhelmingly for him to step down in a poll he conducted on Sunday evening.

In recent weeks, even Tesla Inc bulls have questioned Musk's obsession with social media and whether it distracts him from appropriately directing the electric vehicle industry, where he is a crucial figure in product design and engineering.

Musk acknowledged that he had too much on his plate and stated that he would search for a Twitter CEO. However, he said on Sunday that there was no replacement and that "no one wants the position who can keep Twitter alive."