Twitter owner Elon Musk said on Thursday that he has found his successor to run the social media platform as its new Chief Executive Officer (CEO).
Musk made the announcement in a tweet on his Twitter page but did not immediately name the new executive who will start his job in 6 weeks.
He added that he will also reduce his day-to-day involvement in the company by serving as executive chairman and chief technology officer (CTO) with oversight of product changes.
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.
— Elon Musk (@elonmusk) May 11, 2023
As a result, Tesla's stock price jumped about 2% immediately after the tweet.
It is understood that previously investors in some of Musk's other companies including Tesla have expressed concern that the billionaire is too busy with Twitter to the detriment of other responsibilities.
Elon Musk has made many big changes in the six months since buying Twitter in October for $44 billion, during which the company's top executives were fired and hundreds of employees were laid off.
Under his leadership, Twitter's core advertising business has suffered as many companies ended their paid promotional campaigns.
Musk is trying to make up for that shortcoming with a new subscription service, Twitter Blue that offers features like the ability to compose longer tweets.
