Elon Musk announced that he has found a new CEO for Twitter, who will be taking over the role in about six weeks. While he did not specify who the new CEO is, Musk confirmed that he will transition from his position as CEO of the social network to serving as its executive chair and chief technology officer.
Musk had purchased Twitter last October for a whopping $44 billion, and quickly took charge as CEO, ousting the previous CEO Parag Agrawal and other top executives before laying off half of the company’s staff in November.
Although he had previously said that he planned to step down as CEO and appoint a new chief executive before the end of 2023, he had not named any prospective candidates until now.
During his time as CEO, Musk implemented significant changes to Twitter’s policies and features, which led to major advertisers pausing their spending on the platform. He introduced a pricier Twitter Blue subscription that offers users the ability to buy verification, and recently removed old “legacy” verified check marks.
Additionally, he disbanded the Trust and Safety Council and reinstated previously banned users, including former president Donald Trump and Rep. Marjorie Taylor Greene.
Musk’s decision to appoint a new Twitter CEO will likely please Tesla investors, who have expressed concerns that Musk’s focus on Twitter is detracting from his responsibilities as CEO of Tesla.
In fact, Tesla shares surged following the news that a replacement for the role had been found. Despite stepping down as CEO of Twitter, Musk will continue to own the company, which he recently renamed to X Corp, as part of his aspiration to build what he calls “X, the everything app.”