Elon Musk has announced he will step down as the CEO from Twitter as his new successor will take over the day-to-day operations in six weeks.
The new CEO will report to Musk as he is the owner of the social giant. The Twitter was taken from a public company to a private company under the umbrella of X Corporation, a Musk entity based in Nevada that owns Twitter.
No name has been disclosed who will take over for Musk as he is processing the transition.
Elon Musk, South African entrepreneur, business magnate and investor, CEO of SpaceX and Tesla Inc and Twitter, guest of Red Bull Racing seen during Qualifying ahead of the F1 Grand Prix of Miami at Miami International Autodrome on May 06, 2023 in Miami, Florida. CRISTIANO BARNI/GETTY IMAGES
Musk will be able to focus on his other business ventures including SpaceX, Tesla, and The Boring Company now that he has found a successor as well as focusing on the technical aspect for Twitter. The company headquarters will remain in San Francisco.
“Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in six weeks,” Musk said in a Tweet. “My role will transition to being exec chair & CTO, overseeing product, software & sysops.”
The conglomerate CEO conducted a poll on Twitter whether he should resign from Twitter as the CEO. The response was 57% of the respondents believed that he should step down as CEO from the platform.
“Should I step down as head of Twitter? I will abide by the results of this poll,” Musk said in the poll at the time it was 57%.
Musk bought Twitter at the price of $44 billion in October 2022. He let go of 75% of the work force as well as the previous CEO Parag Agrawal.
Other former executives including CFO Ned Segal, Head of Legal Policy Vijaya Gadde, Chairman Bret Taylor, and General Counsel Sean Edgett were also let go by Musk.
With the work force less than 2,000 employees, Musk eliminated the work-from-home policy demanding employees to return to the office. Restrictions of the pandemic had decreased as other businesses were allowed to not wear a mask under the CDC guidelines.
Musk had also lifted ban on controversial public figures that included former President Donald Trump and former kickboxer Andrew Tate.
The endgame for Musk was to create an ecosystem of free speech where he received criticism on allowing hate speech.
Advertisers from other Fortune 500 companies pulled out of the platform as a cause for concern about Musk handling of hate speech.
Twitter Blue was introduced that enabled subscription fee for $8 per month that required public figures and institution to pay by April 8 to keep the blue checkmark.
The aim for a new source of revenue was aim for software as a service relying less on advertisers.
Twitter was founded by Jack Dorsey, who notably had trusted Musk when bought the platform.
Relations between Musk and Dorsey became sour as the Twitter founder criticized Musk’s leadership on the handling of the social media giant.
When asked Musk was right to lead Twitter, his reply was crucial.
“No. Nor do I think he acted right after realizing his timing was bad. Nor do I think the board should have forced the sale. It all went south,” Dorsey said about Musk’s leadership of the company.
Dorsey had stepped down as the CEO of Twitter in 2021. This will be Twitter’s fourth CEO in a two-year span, but the first under X Corporation in the Musk-era on a permanent basis. He is currently building a new social media platform called Bluesky.
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