After initially pledging to leave the position of CEO of Twitter, Elon Musk announced on Thursday that he had found a replacement.
According to Musk, the new CEO will start at X Corp., formerly known as Twitter Inc., in the upcoming weeks. He didn’t give his name. “I’m happy to announce that X/Twitter has a new CEO. She will begin in around six weeks.” Posted in a tweet by Musk.
Musk, who has had a turbulent tenure as “Chief Twit” since purchasing the firm in October, announced he will take the position of executive chair and chief technology officer at Twitter, where he will be in charge of the company’s operations for its products, software, and systems.
Users overwhelmingly agreed with Musk’s suggestion that he stand down as CEO of Twitter in a poll he conducted on the network in December. When the poll’s results were announced, Musk initially claimed he would follow them, but later changed his mind and said he would hand over the position “as soon as I find someone foolish enough to take the job!” He reaffirmed his intention to find a replacement by the end of the year in February.
Musk has come under fire for a number of Twitter policy changes, many of which lacked a clear reason and raised questions about their effects on users.
Additionally, he has been trying to persuade advertisers to return to the platform after many left due to worries about hate speech on the site, major layoffs at Twitter, or uncertainties around the company’s future. He has also been attempting to convince users to subscribe to a new premium platform that allows them to purchase a blue verification checkmark, but this effort has so far gained little support.
Tesla (TSLA) shareholders, who worry that Musk is preoccupied with Twitter have also criticized him. Musk is the founder of a significant shareholder in a number of other businesses, including Tesla (TSLA).
Musk recently claimed that Twitter is “trending to breakeven,” contradicting earlier statements that the company faced financial ruin.
The new CEO of the company will now be charged with working to turn around the faltering business and assist Musk in recovering part of the $44 billion he spent on the platform.
Even as he is ready to step down as CEO, Musk is expected to retain a sizable amount of influence on the company’s future course. Musk dissolved the board of directors after assuming control of the business in October, and he also took on the dual roles of CEO and lone director.
Bottom Line
On Twitter, Elon Musk said that a new CEO will take charge and that he will move into a technical and product role. In roughly six weeks, the unnamed woman CEO is scheduled to begin. Musk will take over as executive chair and Chief Technical Officer (CTO), in charge of managing system operations, software development, and product development.
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