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Elon Musk has just announced his successor at Twitter who will replace him as the head of the social media giant. The new CEO will assume the role in approximately six weeks.
Twitter app icon on a smartphone screen. Image credit: Brett Jordan via Unsplash, free license
Meanwhile, Musk plans to migrate his personal role towards supervision of operations in different company divisions.
“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,” he wrote in a tweet.
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
This news sparked curiosity among many, because the name of the upcoming chief executive officer was not announced yet. Preliminary unofficial signs hint that Linda Yaccarino who is currently an Executive Chair for the World Economic Forum could be the main candidate.
In late October last year, Musk became the owner and CEO of Twitter, and remained in this position until this day. But the search for someone capable of replacing him as the head of the company was ongoing. He tweeted in December that he would step down as CEO “as soon as I find someone foolish enough to take the job.”
Musk’s announcements resulted in Twitter Inc. shares closing higher on Thursday. Concerns among investors have arisen since his takeover of the company, mainly regarding Musk’s active involvement in Twitter’s management. The key players in the investment market were concerned (and still are) that he may have diverted his focus from his other major enterprises, including the electric car company Tesla and the space exploration firm SpaceX.
Meanwhile, many experts and market observers describe the leadership of the South African-born billionaire at Twitter as chaotic.
Upon taking over, Musk terminated much of the company’s workforce, including then-CEO Parag Agrawal. He additionally pledged to relax moderation rules, leading to criticisms that the platform is turning into a hub for hate speech and false information.
“Twitter Blue” was another novelty implemented by Musk. With this service, users were required to pay 8 (€7.3) a month to have the identity of their accounts confirmed with a stylized blue checkmark.
However, as a result of the introduction of “Twitter Blue,” users who had already been verified under the previous system lost their status and were encouraged to pay the monthly fee instead. This led to verified status losing its meaning, with impersonations of celebrities, businesses, and government organizations flooding the platform.
Written by Alius Noreika
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