Twitter CEO Elon Musk said Thursday that he had found a new CEO for the social media platform without naming his successor.
“I am pleased to announce that I have a new CEO for X/Twitter. It’ll start in about six weeks!” Musk said in a tweet.
Musk said he will move to “executive chairman and CTO, overseeing products, software and sysops.”
I am pleased to announce that I have hired a new CEO for X/Twitter. It will start in about 6 weeks!
My role will transition to Executive Chairman and CTO, overseeing the Product, Software and Sysop departments.
— Elon Musk (@elonmusk) May 11, 2023
The move should allay concerns among Tesla investors, who are increasingly worried about the time Musk is spending on the Twitter U-turn. Musk also runs the rocket company SpaceX.
Tesla stock volume surged 2.4 percent on the news.
Musk, who said in November he expects to cut back on his time at Twitter and eventually find a new head to run the social media company, hasn’t named any potential candidates so far.
The billionaire’s first two weeks as Twitter’s new owner in October were one of rapid change. He quickly fired Twitter’s former CEO Parag Agrawal and other senior executives, then fired half the staff in November.
Musk, a self-proclaimed free speech absolutist, said he took over Twitter to prevent the platform from becoming an echo chamber for hatred and division.
He also said he would “defeat” spam bots on Twitter, a key point of his argument with Twitter’s board of directors over his back-and-forth over the company’s $54 billion (almost 4,43,550 crore) acquisition.
© Thomson Reuters 2023