Elon Musk says he has found a new CEO for Twitter | CNN Business

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Elon Musk said Thursday that he has found a new CEO to take over Twitter, months after he first promised to step down from the role.

The new CEO will assume the role of Twitter Inc., which recently changed its name to X Corp., in the coming weeks, Musk said. He did not give a name.

“Excited to announce that I have a new CEO for X/Twitter. Starting in 6 weeks!” Musk said in a tweet.

Musk, who has had a chaotic reign as “Chief Twit” since buying the company in October, said he will become Twitter’s executive chairman and chief technology officer, overseeing product, software and systems operations. .

In December, Musk ran a poll on the platform asking users if he should step back as CEO of Twitter, which ended with a majority of users voting yes. Musk said he would respect the poll’s results, but later backtracked, saying he would relinquish the role “as soon as I find someone dumb enough to take the job!” In February, he reiterated that he planned to find a replacement by the end of the year.

Musk has faced criticism for a series of policy changes at Twitter, which often occurred without clear justification and raised concerns about the impact on Twitter users.

It has also tried to convince advertisers to rejoin the platform, after many fled over concerns about hateful behavior on the platform, mass Twitter layoffs or questions about the company’s future. At the same time, it has tried to sell users on a new paid subscription platform that includes the ability to pay for a blue check mark, but it appears to have limited traction so far.

Musk, who runs or has stakes in many other companies, including Tesla ( TSLA ), has also faced criticism from Tesla ( TSLA ) shareholders worried that he is being distracted by Twitter.

Musk recently said that Twitter is now “breaking even,” after previously saying it was at risk of bankruptcy. Now, the company’s new CEO will be tasked with trying to help turn around the struggling company and help Musk recoup some of the $44 billion invested in the platform acquisition.

Even as Musk prepares to step down from the role of CEO, he will likely retain significant control over the company’s future direction. After taking over the company in October, Musk removed the C-Suite, dissolved the board and became CEO and sole director of the platform.