Image credit: Bryce Durbin / TechCrunch
Elon Musk has found a new CEO for Twitter. He says she will start in about six weeks, but did not specify who will take on the role. IN a tweetMusk announced that he will be transitioning from his role as CEO of the social network to serve as executive chairman and chief technology officer.
“Excited to announce that I have a new CEO for X/Twitter,” Musk wrote in the tweet. “She starts in ~6 weeks! My role will transition to being CEO and CTO, overseeing products, software and sysops.”
Musk bought the social network last October for $44 billion after initially offering to buy it in April 2022. After the acquisition was completed, Musk took over as CEO and quickly let go of former Twitter CEO Parag Agrawal and others executive managers. He then laid off half the social network’s staff in November.
Musk previously said he planned to step down as CEO and name a new CEO before the end of 2023, noting that he would respect the results of a poll that asked whether he should remain in charge of the company. However, he has previously not named any potential candidates.
During his time as CEO, Musk has significantly overhauled Twitter’s policies and features, which has led several major advertisers to stop spending on the social network. Musk rolled out a revamped, more expensive Twitter Blue subscription that allows users to buy verification and recently got rid of old “legacy” verified checkmarks. The platform has also disbanded its Trust and Safety Council and reinstated the accounts of previously banned users, including former President Donald Trump and Representative Marjorie Taylor Greene.
Musk’s decision to name a new Twitter chief is likely to appease Tesla investors, who have been concerned that Musk’s time spent on Twitter is taking him away from his position as CEO of Tesla. Following the news that he had found a replacement for the role, Tesla shares rose.
Although Musk will soon no longer be CEO of Twitter, he still owns the company. Musk recently renamed Twitter Inc. to X Corp. He has long wanted to build what he calls “X, the alt app.”