Elon Musk Hires New CEO for Twitter – Changes His Role to Chairman and CTO

“I’m excited to announce that I’ve hired a new CEO for X/Twitter. She starts in six weeks!” he wrote on his Twitter account. He added that his role at the company will change – he will serve as chairman of the board and chief technology officer.

At the end of last year, Musk decided to listen to the wishes of people who advised him in a poll to give up the post of head of Twitter. This February, at a summit in Dubai, Musk stated that a new boss should be chosen at the end of this year.

“I don’t know, I guess probably towards the end of this year would be good timing to find someone else to run the company because I think it should be in a stable position around, you know, the end of this year,” he said when asked directly when appoints a new CEO of Twitter.

Musk bought the company in October for $44 billion (over a trillion crowns) and since then has initiated dramatic changes in the company, including significant layoffs – only about 2,300 of the 7,500 employees remain.

As the American newspaper The New York Times reported some time ago, since Musk took over the leadership of the company, the scope of problematic content and previously banned accounts on the social network has increased sharply, according to the survey, in connection with the limited workforce. A number of large advertisers reacted to this, and they started leaving Twitter en masse.

Due to the criticism, Musk asked Twitter users via a poll exactly one month ago whether he should continue as the head of the social network. A total of 57.5% of people voted in favor of withdrawal. 42.5% of the total 17,502,391 respondents voted against.

Musk is also the CEO of electric car manufacturer Tesla. Its shares rose more than two percent in response to Musk’s announcement on Thursday. After the Twitter takeover, investors expressed concern that Musk was too distracted and not focusing enough on Tesla’s management.

Musk is now the second richest person in the world. According to the index of billionaires compiled by the Bloomberg agency, the current value of his assets reaches 168 billion dollars (roughly 3.6 trillion CZK).