Twitter owner Elon Musk announced Thursday the social media platform will bring in a new CEO starting in six weeks, just seven months after he bought the company for $44 billion, following a string of layoffs, a drop in ad revenue and multiple controversial decisions.
Elon Musk announced Thursday Twitter has found a new CEO.
Musk, the world’s second-richest person, said he will transition to the company’s executive chair and chief technology officer, and oversee its product, software and systems operations.
Musk did not name the CEO, but referred to them as “she.”
Musk, who also owns electric automaker Tesla and space exploration company SpaceX, had hinted at stepping down late last year, with the majority of respondents in a Twitter poll saying he should—Musk said in February he plans to have a new CEO by the end of the year.
This is a developing story.
The move comes as Twitter launches a series of new features on the site, including encrypted messaging and video calling. Musk has come under fire since he purchased Twitter in October for loosening the platform’s moderation policies, temporarily booting several reporters off the site and labeling multiple news organizations as “state-affiliated media.”