Search Inside Bitcoins

Elon Musk to Step Down as Twitter CEO, To Move to Exec Chair and CTO

Elon Musk to Step Down as Twitter CEO, To Move to Exec Chair and CTO
Elon Musk to Step Down as Twitter CEO, To Move to Exec Chair and CTO

Join Our Telegram channel to stay up to date on breaking news coverage

Elon Musk announced on Thursday that he had found a new CEO for Twitter, following his recent claim that the social networking platform’s CEO was his dog.

The billionaire tweeted that the new chief executive will resume the position in the next six weeks.

A New Face to Twitter

Elon Musk recently tweeted that he had hired a new CEO for the company but did not specify who would fill the position.

According to Musk, the new CEO is scheduled to start within the next six weeks.

However, The Wall Street Journal claims that NBC Universal Head of Advertising Linda Yaccarino is “in talks” for the position.

Musk revealed in the tweet that he would step down and stop leading the social network as CEO. Rather, he would take on the positions of executive chair and chief technology officer.

Even though Musk had promised to relinquish control and step down, it wasn’t clear when it would happen or even if that would eventually happen.

During an unscheduled interview on the BBC last month, he was reminded of the commitment and stated: “I did stand down. I keep telling you that my dog is in charge of Twitter, not me.”

Musk offered to purchase the social network in April 2022 and eventually paid $44 billion for it last October after a lawsuit forced him to do so.

Following the acquisition, Musk assumed the role of CEO of Twitter and promptly dismissed former CEO Parag Agrawal and other executive leaders.

Later in November, he proceeded to terminate half of the social network’s employees.

However, Musk revealed his intention to step down as CEO of Twitter by the end of 2022 and appoint a new CEO.

In December, the 51-year-old announced plans to step down as CEO when he finds someone “foolish enough to take the job.”

This followed a user survey on the social media website, in which 57.5% of respondents supported his leaving the role he assumed after acquiring the company.

An ex-Twitter employee who recently left the company had expressed support for Musk’s resignation. He claimed that he (Musk) had demonstrated himself to be the “incompetent fool” they had all suspected he was.

Speaking anonymously, he said, “His investors are undoubtedly reconsidering this at this point and debating whether he was the correct horse to back.”

However, just before the polling period ended, Binance’s founder responded to Musk, advising him to “stay the course” and not step down.

Does Twitter Need a New Boss?

Twitter’s regulations and features have undergone a dramatic revamp during Musk’s tenure as CEO, causing numerous prominent advertisers to pause their investments in the social media network.

Musk recently removed the outdated “legacy” verified checkmarks and introduced a new, more expensive version of the Twitter Blue subscription that allows users to purchase verification.

Additionally, the platform dissolved its Trust and Safety Council, an advisory group consisting of roughly 100 independent researchers and human rights activists, while reinstating users who had their accounts banned.

This includes the accounts of former President Donald Trump and Congresswoman Marjorie Taylor Greene.

Musk has also come under fire for his handling of content filtering, with some civil rights organizations charging him with taking actions that will encourage hate speech and false information.

Furthermore, the European Union (EU) and United Nations (UN) recently condemned Twitter’s decision to suspend the accounts of half a dozen prominent journalists.

Aside from that, his decision to appoint a new Twitter CEO will provide Tesla with some comfort.

Tesla shareholders were worried that the time Musk was spending on Twitter was detracting from his role as CEO.

Nonetheless, a new face and idea might be what the social media network needs to get things right again.

Related News

Wall Street Memes - Next Big Crypto


Wall Street Memes
  • Early Access Presale Live Now
  • Established Community of Stocks & Crypto Traders
  • Featured on BeInCrypto, Bitcoinist, Yahoo Finance
  • Rated Best Crypto to Buy Now In Meme Coin Sector
  • Team Behind OpenSea NFT Collection - Wall St Bulls
  • Tweets Replied to by Elon Musk
Wall Street Memes

Join Our Telegram channel to stay up to date on breaking news coverage

Read next

Don't see the answer that you're looking for?

Ask us Now!