Elon Musk To Step Down As Twitter CEO, Will Transition To Company CTO

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.

Tesla Inc 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.

Now Read: Gold Bull Peter Schiff Says Don't Bash Elon Musk: This, Not Twitter, Is The Real Reason For Tesla Stock's Plunge

Henry Khederian contributed to this report.