Elon Musk Said He’s Found A New Twitter CEO

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Twitter owner Elon Musk announced Thursday the social media platform will bring in a new CEO starting in six weeks, just seven months after he bought the company for $44 billion, following a string of layoffs, a drop in ad revenue and multiple controversial decisions.

Elon Musk announced Thursday Twitter has found a new CEO.

Key Facts

Musk, the world’s second-richest person, said he will transition to the company’s executive chair and chief technology officer, and oversee its product, software and systems operations.

Musk did not name the CEO, but referred to them as “she.”

Musk, who also owns electric automaker Tesla and space exploration company SpaceX, had hinted at stepping down late last year, with the majority of respondents in a Twitter poll saying he should—Musk said in February he plans to have a new CEO by the end of the year.

The billionaire’s hands-on role at Twitter has been criticized by some Tesla investors, who argued last month Musk has been distracted by his work at Twitter and that the e-vehicle maker has become mismanaged, even seeking a board meeting to deliberate on Musk’s performance as Tesla’s CEO, Bloomberg reported (Tesla shares shot up more than 2% following Musk’s tweet, closing at $172.08).

Key Background

The move comes as Twitter launches a series of new features on the site, including encrypted messaging and video calling, as Musk moves closer to rebranding the platform as his long-envisioned “everything app” known simply as “X” (Musk renamed Twitter’s incorporated name to X Corp last month). Since purchasing Twitter in October, however, Musk has come under fire for loosening the platform’s moderation policies, temporarily booting several reporters off the site and labeling multiple news organizations as “state-affiliated media.” In less than two months since he finalized his long-awaited purchase, a group of advertisers, including Apple, Balenciaga, Chipotle, United Airlines Ford and General Motors, dropped their ads on the platform, though Musk has repeatedly downplayed controversies at the company, saying last month many advertisers have returned to Twitter and the company is “roughly breaking even.”

Forbes Valuation

We estimate Musk’s net worth to be roughly $179.5 billion, making him the world’s second-richest person, only behind Bernard Arnault ($239.6 billion), the head of fashion and cosmetic empire LVMH, the parent company of Louis Vuitton, Sephora and Tiffany & Co.

Elon Musk Said He’s Found A New Twitter CEO—But Doesn’t Say Who

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Key Facts

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Forbes Valuation

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