Neither Xbox or Bing are going anywhere, one is a gateway to services and the other is a large part of the backend for those services. People think of Bing as being search but it's much more on a technical level.
Besides, Elop never said anything and isn't in charge of anything yet, might be soon though. He's been able to bring more and more content to WP at Nokia though, be it apps or games that have hit the Lumia line first, so I don't see why this is a bad choice for the overall division?
It's not. Elop has done splendid at Nokia, and I'd argue, that most (neutral) analysts would agree there.
This must be the most vague sentence, ever written in journalism
"Elop would reportedly considering killing off the company’s Bing search engine, while contemplating selling the Xbox business."