In a move that has been anticipated for months, billionaire Twitter owner Elon Musk announced on Thursday, May 11, 2023, that he has hired a new Chief Executive Officer, CEO, for the social media platform he acquired last October for $44 billion.
The new CEO, whose identity has not yet been disclosed, will assume the role in six weeks, while Musk will transition to serving as Executive Chair and Chief Technology Officer, CTO, overseeing product, software, and system operations.
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
Musk shared the news in a Twitter post, stating, “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.”
Earlier this year, Musk had hinted at the possibility of a new CEO taking the helm of the microblogging platform by the end of 2023.
Speaking at the World Government Summit conference in Dubai via video, he said, “I’m guessing probably towards the end of this year should be good timing to find someone else to run the company.”
Musk went on to explain his rationale for the transition, stating, “I need to stabilize the organization and make sure it’s in a healthy place and that the product roadmap is clearly laid out… I think it should be in a stable position around the end of this year.”
The appointment of a new CEO may help quell criticism that Musk has been neglecting his other ventures, particularly electric car company Tesla.
Tesla’s share price has experienced a significant drop since Musk took over Twitter, leading some to question his ability to manage multiple high-profile projects simultaneously.
With this new leadership structure in place, Musk aims to ensure the continued growth and success of Twitter while maintaining a strategic role in guiding the platform’s development.
As the new CEO takes the reins, the world will be watching to see what direction Twitter takes under this fresh leadership.
