He announced on Thursday that a replacement chief executive will start in roughly six weeks. He said last month that Twitter was "roughly breaking even. Elon Musk is making good on his promise to step down as Twitter CEO following a poll. He also said he would "defeat" spam bots on the platform, a key area of his tussle with Twitter's board over his back and forth on the buyout of the company. Musk, a self-proclaimed "free speech absolutist," has said he took over Twitter to prevent the platform from becoming an echo chamber for hate and division. He quickly fired Twitter's previous CEO, Parag Agrawal, and other senior leaders, and then laid off half its staff in November. The billionaire's first two weeks as Twitter's owner in October were marked by rapid change. In a Twitter poll started by Musk in December, 57.5% users voted for him to step down as CEO of the social media platform. Musk has long said he intended to find a new leader for Twitter. Now he can get back to spending more time creating value at Tesla," said Craig Irwin, analyst at Roth MKM. "The boat anchor called Twitter is loosened from Musk's ankle. The shares rose a further 1.6% in after-hours trade. Twitter became the center of controversy during Donald Trump's tenure in the White House because of his voracious use of the app. Musk's post about a new Twitter CEO came about 15 minutes before the close of Wall Street on Thursday, and Tesla shares closed 2% higher. Nine years ago, Twitter raised 1.8 billion in an IPO. Musk, who has come under fire from investors in his Tesla (TSLA.O) electric car company as being distracted by his attention to Twitter, said he will transition to the role of Twitter's executive chair, along with the role of CTO, overseeing product, software and system operations. Speculation was rife on Thursday among tech and media insiders and on Blind, an anonymous messaging app for tech employees.įormer Yahoo CEO Marissa Mayer, former YouTube CEO Susan Wojcicki and a top executive at Musk's brain-chip startup Neuralink, Shivon Zilis, were among names that were being discussed. Musk has previously not named any prospective candidates. Yaccarino's exit would be another big blow to the company after Comcast said last month that NBCUniversal CEO Jeff Shell was leaving after acknowledging an inappropriate relationship with a woman in the company, following a complaint that prompted an investigation. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo Acquire Licensing Rights Twitter logo and a photo of Elon Musk are displayed through magnifier in this illustration taken October 27, 2022.
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