In approximately six weeks, Elon Musk has revealed his plans to transition into the roles of executive chairman and chief technology officer at the social media platform.
New Twitter CEO Seeking
According to a tweet posted on May 12, Elon Musk has announced the appointment of a new CEO for X Corp, the parent company of Twitter. He has expressed his excitement in revealing the appointment of a new CEO for X/Twitter, who is set to commence her role in approximately six weeks. As part of this transition, Musk will shift into the positions of executive chair and CTO, where he will provide oversight for product development, software management, and system operations. This announcement marks an important milestone for the company as it prepares for new leadership and strategic direction under the guidance of the incoming CEO, while Musk assumes a key role in driving the company’s technological advancements and overall vision.
This new CEO is expected to take over Musk’s position in late June or early July. It’s worth noting that Musk assumed control of the social media platform in October 2022 after successfully completing a $44 billion acquisition. The new CEO’s name will be revealed in the future, following Musk’s departure from the role.
Who Is the Upcoming Twitter CEO?
Numerous Twitter users have engaged in speculation regarding the individual who will replace Elon Musk as CEO of Twitter. According to rumors reported by The Wall Street Journal (WSJ), there is a strong possibility that Linda Yaccarino, the current head of global advertising and customer relations at NBC, is the woman Elon Musk referred to as the upcoming CEO of Twitter.
However, it is important to note that these reports have not been officially confirmed.
Twitter has been experiencing a decline in its advertising revenue, leading to concerns about the company’s financial performance. Despite a slight increase in daily users since the beginning of 2022, Twitter’s revenue has reportedly dropped by 50% since October, primarily attributed to a significant decrease in advertising, as stated by Elon Musk.
If these reports prove to be accurate, a revival of Twitter’s advertising business could be crucial for the company, allowing it to compete with Meta (the parent company of Facebook, Instagram, and WhatsApp). Meta recently introduced a suite of AI-powered advertising products, further intensifying the competition in the social media landscape.
Earlier this year, Elon Musk mentioned that he would serve as CEO of Twitter only until the end of the year. Since taking over Twitter in October 2022, Musk has faced criticism from Tesla shareholders for allegedly neglecting Tesla’s business while focusing extensively on Twitter. Bloomberg reported that Musk began searching for a new CEO in December 2022, although no suitable candidate has been chosen thus far.