Elon Musk Said He elected Twitter’s chief executive on Thursday and said he would remain involved as chairman of the company’s executive committee as it continues to reshape the social media service.
Musk did not disclose the name of the new CEO. He tweeted, “She will be starting her job in about 6 weeks!” He added that he will continue to oversee Twitter’s products and software as “CTO” (Chief Technology Officer).
Musk did not provide additional details and did not respond to an emailed request for comment. He’s made promises in the past about what he’ll do at Twitter and other companies, but he hasn’t done it.
Musk, who bought Twitter for $44 billion last year, will likely keep a firm grip on the company whether he appoints him as chief executive or not. As owner of Twitter, he made his mark on Twitter by laying off more than 75 percent of its 7,500 employees, installing his own leadership, and changing the service’s functionality and strategy. He also took Twitter private, eliminating the need to share company information with the public.
In December, Musk raised the idea of appointing Twitter’s chief executive after being criticized for some of his decisions at the company. At the time, he ran a poll on Twitter asking whether he should step down as head of the company. “I stand by the results of the polls,” he wrote.
More than 17 million votes were cast in the poll, with about 58% of respondents saying they were in favor of him stepping down as chief executive. Speaking at a conference in Dubai in February, Musk said he aims to appoint Twitter’s new chief executive by the end of 2023.
Twitter employees weren’t told about the new chief executive before Musk’s tweet, two employees said.
The new CEO will inherit a number of challenges at Twitter. The company is facing about $1.5 billion in annual debt payments from the sale to Musk, in addition to a downturn in its main revenue driver, advertising. At an investor conference in March, he said Twitter was on the road to bankruptcy within months after its advertising revenue had fallen by 50%.
In an interview last month, BBCMusk said most of Twitter’s advertisers are back.
Musk has also come under pressure from investors in his other companies, most notably electric car maker Tesla, to move away from the routine control of Twitter, which he sees as a distraction. Tesla shares, which were flat for most of the day, surged after Musk’s tweet, rising about 2% in the final minutes of trading on Thursday.
Musk has ceded some leadership responsibilities to other companies in the past. At his private rocket maker, SpaceX, he delegates much of the company’s management to president and COO Gwynne Shotwell. This allowed Musk to focus on engineering and product decisions, allowing him to move between different companies.
