Elon Musk announced on Twitter on Thursday that he will be stepping down as the CEO of Twitter and transitioning to the role of executive chair and CTO.
He also revealed that he has hired a new female CEO to lead the social media platform, but has not yet disclosed her identity. The new leader is expected to take over within six weeks.
Musk, who purchased Twitter for $44 billion in October 2022, has been at the helm of the company for seven months. During his tenure, he implemented cost-cutting measures that resulted in massive layoffs, reducing the workforce from 8,000 to approximately 1,500 employees. Despite the controversial moves, Musk maintained that he was not the company’s permanent CEO and intended to find a new CEO over time.
In November 2022, Musk told a Delaware court that he did not want to be the CEO of any company and expected to reduce his time at Twitter. He reiterated this sentiment in December, tweeting that he would resign as CEO as soon as he found someone foolish enough to take the job. In February, he announced his intention to find a new CEO by the end of the year.
Musk’s announcement of a new CEO for Twitter was well-received by investors, with Twitter’s shares rising over 2% immediately after the news. Shareholders of Tesla, Musk’s other major company, have been concerned about the amount of attention he has been devoting to Twitter.
Musk’s move comes amid controversy over Twitter’s leadership and the future of the platform. The company has been the subject of criticism for its handling of misinformation and hate speech, and faces increasing competition from newer social media platforms.
Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in ~6 weeks!
My role will transition to being exec chair & CTO, overseeing product, software & sysops.
— Elon Musk (@elonmusk) May 11, 2023
As Musk transitions to his new role, he will be responsible for overseeing Twitter’s product, software, and sysops. The new CEO will be tasked with addressing the company’s challenges and leading it into the future.