Elon Musk, the CEO of Twitter has made an announcement regarding the appointment of a new CEO for the social network.
While Musk did not reveal the name of the individual, The Wall Street Journal has reported that Linda Yaccarino, the Head of Advertising at NBCUniversal, is currently engaged in discussions for the position.
Musk, in a tweet, disclosed his plan to transition from the role of CEO to that of executive chair and chief technology officer. The incoming CEO is expected to assume their duties in approximately six weeks.
Last year, Musk acquired Twitter for $44 billion after expressing interest in purchasing the platform in April 2022. Following the completion of the acquisition, Musk assumed the position of CEO and swiftly replaced the previous CEO, Parag Agrawal, along with other executive leaders. Additionally, he initiated significant layoffs, affecting half of Twitter’s workforce in November.
Musk had previously indicated his intention to step down as CEO and appoint a new chief executive before the end of 2023, respecting the outcome of a poll that sought public opinion on his continued leadership. However, he had not previously disclosed any potential candidates for the role.
During his tenure as CEO, Musk implemented substantial changes to Twitter’s policies and features. These modifications prompted several major advertisers to pause their spending on the platform. Musk introduced a revamped and more expensive subscription service called Twitter Blue, which allows users to purchase verification, and he eliminated the old “legacy” verified checkmarks. Furthermore, he disbanded the Trust and Safety council and reinstated the accounts of previously banned users, including former president Donald Trump and Rep. Marjorie Taylor Greene.
Musk’s decision to appoint a new CEO for Twitter is likely to alleviate concerns among Tesla investors. They have expressed worries that Musk’s extensive involvement on Twitter might distract him from his responsibilities as the CEO of Tesla. Following the news of the CEO replacement, Tesla shares experienced a significant surge.
Although Musk will soon relinquish his position as CEO of Twitter, he will retain ownership of the company. Recently, he renamed Twitter Inc. to X Corp, aligning with his long-standing ambition to develop what he refers to as “X, the everything app.”
