Elon Musk has found a new CEO for Twitter and says she will start in about six weeks, but did not specify who will take the role. In a tweetMusk announced that he will transition from his role as CEO of the social network to his position as executive chairman and chief technology officer.
“Excited to announce I have a new CEO for X/Twitter,” Musk wrote in the tweet. “She starts in ~6 weeks! My role will transition to exec chair & CTO, overseeing products, software and sysops.”
Musk bought the social network for $44 billion last October, after initially offering to buy it in April 2022. After the acquisition was completed, Musk took charge as CEO, quickly letting Twitter’s previous CEO Parag Agrawal and other executives go. He then fired half of the social network’s staff in November.
Musk previously said he planned to step down as CEO and name a new CEO before the end of 2023, noting he would honor the results of a poll asking whether or not he would be in charge of the company should keep. However, he has previously not named any potential candidates.
In his time as CEO, Musk significantly overhauled Twitter’s policies and features, leading several major advertisers to halt spending on the social network. Musk rolled out a revamped, more expensive Twitter Blue subscription that allows users to purchase verification, and recently removed old “legacy” verified checkmarks. The platform has also disbanded its Trust and Safety Board and reinstated the accounts of previously banned users, including former President Donald Trump and Rep. Marjorie Taylor Greene.
Musk’s decision to appoint a new Twitter CEO is likely to reassure Tesla investors, who are concerned that Musk’s time spent on Twitter will distract him from his position as Tesla’s CEO. After news that he had found a replacement for the role, Tesla’s shares skyrocketed.
Although Musk will soon no longer be CEO of Twitter, he still owns the company. Musk recently launched Twitter, Inc. renamed X Corp. He has long aspired to build what he calls “X, the everything app.”