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Tech billionaire Elon Musk announced Thursday that he is stepping down as CEO of Twitter. Musk didn't reveal who he hired, but said she will start within six weeks.
The decision will allow him to transition to Twitter's CTO, where he will oversee the company's product, software, and sysops divisions.
Read also: Elon Musk 'Really Doing Some Damage To His Brand' Says Tesla Analyst
Tesla Inc (NASDAQ:TSLA) shares were trading higher by 2.55% to $172.83 Thursday afternoon after Musk's announcement.
Musk has been a controversial figure on Twitter, often making headlines for his tweets about cryptocurrency, politics, and other topics. In recent months, he has faced backlash for changes he's made to the platform, with critics arguing that Twitter is now being used to spread misinformation and incite division.
Despite the opposition he's faced after purchasing the platform, Musk has remained a popular figure on Twitter, with more than 139.2 million followers. He has used the platform to share updates about his companies, as well as to engage with fans and critics.
Musk's departure from Twitter is sure to be met with mixed reactions. While some may welcome the change as a chance for the platform to move in a new direction, others may be disappointed to see him go.
Excited to announce that I've hired a new CEO for X/Twitter. She will be starting in ~6 weeks!
— Elon Musk (@elonmusk) May 11, 2023
My role will transition to being exec chair & CTO, overseeing product, software & sysops.
Henry Khederian contributed to this report.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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