Elon Musk Announces New CEO for Twitter

Musk to Become CTO and Executive Chair of Twitter

Elon Musk has announced that he has found a new CEO for Twitter, but has not yet named the person. Musk himself will transition to the role of Chief Technology Officer (CTO) of the social media platform within the next few weeks. In November, Musk had said that he planned to reduce his time at Twitter and eventually find a new leader to run the firm. This move has allayed some concerns of Tesla investors about the time Musk was devoting to turning around Twitter, as Musk also runs rocket company SpaceX.

Elon Musk said in a tweet that "Excited to announce that I've hired a new CEO for X/Twitter. She will be starting in ~6 weeks!,".

The billionaire's first two weeks as the new Twitter owner in October were marked by rapid change. He quickly fired Twitter's previous CEO Parag Agrawal and other senior leaders and then laid off half its staff in November. Musk, a self-proclaimed free speech absolutist, has said he took over Twitter to prevent the platform from becoming an echo chamber for hate and division. He also said he would "defeat" spam bots on Twitter, a key area of his tussle with Twitter's board over his back and forth on the $44 billion buyout of the company.

In December, Musk had conducted a Twitter poll where 57.5% users voted for him to step down as CEO of the social media platform. "I will resign as CEO as soon as I find someone foolish enough to take the job!" Musk had said then. The boat anchor called Twitter is loosened from Musk's ankle. Now he can get back to spending more time creating value at Tesla," Craig Irwin, an analyst at Roth MKM, said.

As CTO, Musk will oversee product, software, and sysops. This move is aimed at freeing up his time to focus on Tesla. In October, Musk had said he intended to spend 60% of his time on Tesla and 40% on other initiatives, including SpaceX and Twitter.

ThinkWithNiche News' conclusion

Elon Musk has announced that he has found a new CEO for Twitter and will be transitioning to the role of chief technology officer of the social media platform within the next few weeks. Musk has not yet named the person, but this news has allayed concerns of Tesla investors about the time that Musk was devoting to turning around Twitter. Musk's takeover of Twitter was marked by rapid change, including the firing of the previous CEO and other senior leaders, and laying off half of its staff. As a self-proclaimed free speech absolutist, Musk has said he took over Twitter to prevent the platform from becoming an echo chamber for hate and division, and he also aims to "defeat" spam bots on Twitter.