May 29, 2024

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Elon Musk says he has found a new CEO for Twitter

Elon Musk says he has found a new CEO for Twitter

Image credits: Bryce Durbin/TechCrunch

Elon Musk has found a new CEO for Twitter and says it will start in about six weeks, but hasn’t specified who will take over the position. in TweetMusk announced that he will move from his position as CEO of the social network to the position of CEO and Chief Technology Officer.

“Excited to announce that I’m the new CEO of X/Twitter,” Musk wrote in a tweet. “Starting in about 6 weeks! My role will transition to CEO and CTO, overseeing products, software and computers.”

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 soon left former Twitter CEO Parag Agrawal and other executive leaders. He subsequently laid off half of the social network’s staff in November.

Musk previously said that he intends to step down as CEO and appoint a new CEO before the end of 2023, indicating that he will respect the results of a survey asking whether or not he should remain in charge of the company. However, he never named any potential candidates.

In his time as CEO, Musk has significantly overhauled Twitter’s policies and features, which has led to several major advertisers pausing spending on the social network. Musk has introduced a new, higher-priced Twitter Blue subscription that allows users to purchase verification and recently get rid of the old “old” verified checkmarks. The platform also dissolved its Trust and Safety Council and reinstated the accounts of previously banned users, including former President Donald Trump and Rep. Marjorie Taylor Greene.

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Musk’s decision to name a new Twitter CEO is likely to appease Tesla investors, who were worried that Musk’s time on Twitter would keep him out of his position as Tesla’s CEO. After the news that he had found a replacement for the role, Tesla shares soared.

Although Musk won’t be CEO of Twitter anytime soon, he still owns the company. Musk recently renamed Twitter, Inc. to X Corp. He has always aspired to build what he calls “X, the application of everything. “