Thursday, Elon Musk stated that he had found a female CEO for Twitter, or X Corp. as it is now known. He said she will start in about six weeks but did not name her Elon Musk To hand over Twitter to a new CEO.
Musk has long maintained that he is not the company’s long-term CEO. He bought Twitter in the fall and has been running it ever since. The Tesla tycoon said in a tweet Thursday that his job will progress to being Twitter’s lead director and boss innovation official.
He told a Delaware court in the middle of November that he does not want to be CEO of any company, just a few weeks after purchasing the social media platform for $44 billion.
While affirming, Musk said, “I hope to decrease my time at Twitter and find another person to run Twitter after some time.”
In December, more than a month later, he tweeted: When I find someone foolish enough to take over as CEO, I will resign. In a Twitter poll that the billionaire himself set up and promised to follow, millions of Twitter users asked him to step down. He made the pledge.
He told a conference in February that he expected to hire a CEO for Twitter, which has its headquarters in San Francisco, “probably toward the end of this year.”
Even though they do not yet know who will take over, analysts who monitor Twitter‘s business were pleased by the announcement. Despite the fact that Musk stated to the BBC last month that Twitter is currently “roughly” breaking even, Twitter’s advertising business has suffered as a result of his erratic leadership.
Jasmine Enberg, an analyst with Insider Intelligence, stated, “A new CEO is the only way for Twitter to move forward.” The single most concerning issue with Twitter’s promotion business was Elon Musk. Twitter can begin to separate Musk’s personal brand from the company’s image as soon as he takes a step back, attempting to regain advertisers’ trust. The progress of those endeavors will rely upon who dominates, yet it’s challenging to envision that the new Chief could be more disputable or harming to Twitter’s promotion business than Musk has been.”
Following Musk’s announcement on Thursday, Tesla shares gained approximately 2%. Investors of the electric vehicle organization have been worried about the amount of his consideration being spent on Twitter. Elon Musk To hand over Twitter to a new CEO.
Last November, he was examined in court concerning how he divides his time between Tesla and his different organizations, including SpaceX and Twitter. Because of a shareholder’s challenge to Musk’s potential $55 billion compensation plan as CEO of the electric car company, Musk was required to testify at the trial in Delaware’s Court of Chancery.
Musk stated that he never intended to serve as CEO of Tesla and that he also did not intend to serve as CEO of any other businesses. He would rather think of himself as an engineer. Musk additionally said at the time that he anticipated that a hierarchical rebuilding of Twitter should be finished in the following week or somewhere in the vicinity. It’s been almost a half year since he said that.
Musk’s time as CEO of Twitter has been chaotic, and he has made a number of promises that he has either broken or not followed through on. On his first day, he fired the company’s top executives, then about 80% of its employees. He’s overturned the stage’s check framework and has downsized content balance and defends against the spread of deception.
Bantering with Twitter supporters before the end of last year, Musk communicated cynicism about the possibilities for another Chief, saying that individuals “should like to torment a ton” to run an organization that “has been in the fast track to chapter 11.”
“No one wants the job who can actually keep Twitter alive. There is no successor,” Musk tweeted at the time.