Elon Musk Says He’s Stepping Down as Twitter’s CEO
Elon Musk said Thursday he has found a new CEO for Twitter, or X Corp. as it’s now called. He did not name the person but said she will be starting in about six weeks.
Musk, who bought Twitter last fall and has been running it since, has long insisted he is not the company’s permanent CEO.
The Tesla billionaire said in a tweet Thursday that his role will transition to being Twitter’s executive chairman and chief technology officer.
Read More: A Brief History of Elon Musk Saying One Thing and Doing Another at Twitter
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Musk has been saying for nearly six months that he plans to find a new CEO for San Francisco-based Twitter. In mid-November, just a few weeks after buying the social media platform for $44 billion, he told a Delaware court that he does not want to be the CEO of any company.
While testifying, Musk said “I expect to reduce my time at Twitter and find somebody else to run Twitter over time.”
More than a month later, he tweeted in December: “I will resign as CEO as soon as I find someone foolish enough to take the job.” The pledge came after millions of Twitter users asked him to step down in a Twitter poll the billionaire himself created and promised to abide by.
In February, he told a conference he anticipated finding a CEO for Twitter “probably toward the end of this year.”
Shares of Tesla rose about 2% Thursday after Musk made the announcement. Shareholders of the electric car company have been concerned about how much of his attention is being spent on Twitter.
Last November, he was questioned in court about how he splits his time among Tesla and his other companies, including SpaceX and Twitter. Musk had to testify in the trial in Delaware’s Court of Chancery over a shareholder’s challenge to his potentially $55 billion compensation plan as CEO of the electric car company.
Musk said he never intended to be CEO of Tesla, and that he didn’t want to be chief executive of any other companies either, preferring to see himself as an engineer. Musk also said he expected an organizational restructuring of Twitter to be completed in the next week or so. It’s been nearly six months since he said that.
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Bantering with Twitter followers late last year, Musk expressed pessimism about the prospects for a new CEO, saying that person “must like pain a lot” to run a company that “has been in the fast lane to bankruptcy.”
“No one wants the job who can actually keep Twitter alive. There is no successor,” Musk tweeted at the time.