On Thursday, Elon Musk, the owner of Twitter, announced that he has appointed a new Chief Executive Officer to steer the social media giant ahead.
Musk breaks news of a new incoming Twitter CEO
Musk confirmed the news through a tweet by Musk, where he refrained from immediately revealing the identity of the incoming executive.
Furthermore, he mentioned that his own hands-on engagement with the platform would be scaled back.
Musk will remain involved with the company – just not as CEO
Musk will retain his position as the executive chair and Twitter’s chief technology officer, maintaining oversight of product modifications.
Offering a minor clue about the identity of the new CEO, Musk mentioned that “she” is expected to assume her duties in around six weeks.
Musk confirms he will still be heavily involved in Twitter
His Tweet read:
“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”.
Musk should be free to spend more time on his other ventures
For several months, stakeholders in Musk’s other ventures, such as Tesla, have voiced concerns that the tech tycoon was overly preoccupied with Twitter, thereby undermining his other commitments.
This partly contributed to a sell-off of Tesla stock, with the stock price dropping from over $300 per share to almost $100 per share.
Tesla’s stock experienced a brief 2% surge after Musk’s Thursday tweet.
In October, after a prolonged quarrel with its previous management over the valuation and condition of the firm, Musk acquired Twitter for $44 billion.
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Twitter has experienced several changes under Musk
Since then, the past six months have witnessed extensive changes under Musk’s regime.
The majority of Twitter’s workforce has been laid off, accounts of users who were previously suspended, including that of ex-President Donald Trump, have been reinstated, and the regulations concerning potentially controversial content on Twitter have been relaxed.
Musk’s Twitter also discontinued the practice of verifying the accounts of distinguished public figures, reserving the blue-and-white tick marks for subscribers of its premium services.
It remains uncertain whether the incoming CEO will persist with these significant changes.
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Musk’s Tweet confirms the company’s first female CEO
However, she will break the mold in one notable way: Twitter will have its first female CEO since its inception in 2006.
This development will likely afford Musk more time to focus on his other enterprises.
He is still the CEO of car manufacturer Tesla and SpaceX, an engineering and rocket company.
Space X looking to facilitate travel to Mars
Just last month, SpaceX launched the largest rocket ever constructed as part of a plan to eventually facilitate human travel to Mars.
Other tech investors have also expressed skepticism about Musk devoting considerable time to a social media venture, given his other commitments.
“Can you think of a prominent person who’s currently wasting his talents in software when he could be working on manufacturing and heavy industries?” investor Paul Graham pointedly questioned Musk on Twitter last month.
Musk is the world’s second-richest individual, boasting a net worth of $179.5 billion, per the Bloomberg Billionaires Index. He held the number one position for quite some time before surrendering that position to Bernard Arnault.
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Byron is a writer and personal finance nerd. He has a keen interest in investing and The Stock Market. When he is not working, he enjoys watching sports and gaming online.
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