Elon Musk takes Executive Chair and CTO position at Twitter, hires new CEO
Elon Musk, CEO of Tesla, announced on Thursday that he has hired a new chief executive for Twitter. Musk did not disclose the name of the replacement but shared his excitement about the appointment, stating that the new CEO will begin in approximately six weeks. As part of the transition, Musk will take on the positions of Executive Chair and CTO, overseeing product development, software, and system operations.
This move aims to alleviate concerns among Tesla investors who have expressed worries about Musk's extensive involvement in Twitter, diverting his attention from the electric vehicle company and SpaceX, the aerospace manufacturer he also leads. Following the news, Tesla's stock experienced a 2.4 percent surge in trading volume.
In November, Musk had announced his intention to reduce his role in Twitter and search for a new leader to manage the social media platform but had not previously disclosed any potential candidates. Upon assuming ownership of Twitter in October, Musk swiftly implemented significant changes, including the removal of Parag Agrawal, the previous CEO, and other top executives. In November, he also downsized the company by laying off half of its workforce.
As a self-proclaimed advocate of free speech, Musk expressed his concern on taking over Twitter as a means to prevent the platform from becoming a breeding ground for hate and divisiveness. He emphasized his commitment to combating spam bots, an area of contention with Twitter's board.
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