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MAJOR NEWS!! Elon Musk is Stepping Down From Being CEO of Twitter!!! [1]
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Date: 2023-05-11
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.
(Bloomberg) -- Elon Musk said he will step down from the top job at Twitter and become its executive chair and chief technology officer. The social network’s billionaire owner said a new chief executive officer, whom he didn’t name but indicated is a woman, will start in about six weeks.
[snip]
Musk bought Twitter for $44 billion last October and indicated that he’d only be in charge for a limited time to complete the organizational overhaul he thought the company needed to prosper. Musk complained of having “too much work” and sleeping at Twitter’s San Francisco headquarters while implementing radical changes.
In December, Musk asked his Twitter followers if he should step down as CEO, and 57.5% said yes.
Musk, who’s also CEO of Tesla Inc. and Space Exploration Technologies Corp., has drawn criticism for his abrupt policy changes and neglect of his other businesses. The next CEO will have to deal with an advertiser exodus. Despite a slight uptick in daily users since early 2022, Twitter’s revenue has fallen by 50% since October as a result of a “massive decline” in advertising, Musk said in March.
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