Elon Musk, the CEO of Tesla and owner of Twitter, has announced that he has found a new CEO for the social media platform. The new CEO will begin in approximately six weeks, but Musk did not disclose the individual’s identity.
Musk to Transition to Executive Chair and CTO Role
In a tweet, Musk revealed that he would be transitioning from his role as CEO of Twitter to serving as its executive chair and chief technology officer. He will oversee the platform’s product, software, and system operations.
Musk’s Previous Actions as CEO
After purchasing Twitter for $44 billion in October 2021, Musk took charge and quickly let go of Twitter’s previous CEO, Parag Agrawal, and other executive leaders. He then laid off half of the social network’s staff in November. As CEO, Musk has significantly overhauled Twitter’s policies and features, leading to several significant advertisers pausing spending on the social network.
New CEO to Address Investor Concerns
Musk had previously stated that he planned to step down as CEO and appoint a new chief executive before the end of 2023 but had yet to name any prospective candidates. His decision to establish a new CEO will likely 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.
Future Plans for Twitter
Although Musk will no longer be the CEO of Twitter, he will still own the company. He recently renamed Twitter Inc. to X Corp and has long aspired to build what he calls “X, the everything app.” The announcement of a new CEO has already positively impacted Tesla’s shares, which surged following the news.