Elon Musk, CEO of Twitter, announced the successful selection of a new CEO for the social media platform. Musk shared that the new CEO, a woman, is expected to start her role in about six weeks.
“My role will transition to CEO and CTO, overseeing products, software and sysops.” Musk said in a tweet.
Musk has expressed his intention to phase out his involvement with Twitter starting in November and actively seek a new leader to oversee the social media company’s operations.
Excited to announce that I have hired a new CEO for X/Twitter. It will start in ~6 weeks! My role will transition to CEO and CTO, overseeing products, software, and sysops.
— Elon Musk (@elonmusk) May 11, 2023
This strategic move is intended to address concerns raised by Tesla investors regarding Musk’s broad commitment to Twitter’s turnaround efforts.
In response to this development, Tesla Inc. (TSLA.O) witnessed a significant 2.4% rise in its share price, accompanied by a notable increase in trading volume.
Last month, Twitter underwent a significant transformation by changing its corporate name to X Corp. Additionally, the social media giant moved its headquarters to Nevada, marking a notable shift in its operating base.
During Musk’s tenure as CEO, Twitter has faced challenges in its core advertising business.
Several companies have suspended their paid promotional campaigns due to the increase in offensive speech and hate rhetoric on the platform, as highlighted by several advocacy groups.
Musk’s decision to reinstate previously banned users and his involvement in political controversies have drawn attention.
For example, his statements about perceived racial bias in the media against white and Asian people have sparked debate and further controversy.
These developments have contributed to a complex landscape for Twitter under Musk’s leadership, one that requires careful navigation to address concerns around offensive content, user politics, and maintaining a balanced approach to political discourse.
(This is a developing story)
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