Elon Musk claims to have identified a new CEO for Twitter and that she will begin in roughly six weeks, although he has been vague about who she is. In a tweet, Musk revealed his plans to step down as CEO and take up new roles as executive chair and chief technology officer.
“Excited to announce that I’ve got a new CEO for X/Twitter,” Musk posted on Twitter. “She’ll begin in about six weeks!” After this change, I will be responsible for product, software, and sysops as executive chair and chief technology officer.
After making an initial offer to buy the social network in April 2022, Musk finally closed the deal last October for $44 billion. After the transaction was finalized, Musk replaced Twitter’s previous CEO Parag Agrawal and other executive leaders. Then, in November, he fired half of the social network’s employees.
Musk had previously stated his intention to hire a new chief executive and stand down as CEO by the end of 2023, respecting the survey results that asked whether he should continue to lead the company. But he hasn’t mentioned any possible possibilities before.
Several large advertisers have temporarily suspended their spending on Twitter due to Musk’s extensive changes to the company’s regulations and features during his tenure as CEO. For example, Musk relaunched the premium Twitter Blue plan, which costs more but grants verification for a fee. And recently, he removed all of the “legacy” verification ticks.
Musk’s appointment of a new Twitter CEO is likely to assuage the concerns of Tesla shareholders, who have voiced concern over Musk’s time commitment to Twitter and its potential impact on his role as CEO of Tesla. Shares of Tesla increased after he announced he had identified a successor.
Musk will soon no longer be Twitter’s CEO but is still the company’s owner. Recently, Musk changed the name of Twitter, Inc. to X Corp. His lifelong goal is to create “X, the everything app.”