Elon Musk claims he will step down as CEO and already has a replacement waiting in the wings. The new CEO’s name has not yet been revealed, although Musk referred to a “she” in the announcement. This person is expected to assume control at Twitter’s parent company, X Corp., in the coming weeks.
This announcement comes several months after Musk promised to step back from his “Chief Twit” role at Twitter following his chaotic and often controversial tenure. Instead, he will be Executive Chair and Chief Technology Officer, overseeing the company’s product, software, and system operations. As for the new CEO, speculation is rife that it will be Linda Yaccarino. She is currently the head of advertising at NBCUniversal and reportedly in talks with Musk.
Musk hasn’t confirmed anything yet
Musk faced criticism from Twitter users for a series of policy changes. These often came without clear justification, leading to concerns about the impact on the platform’s users. He has also been grappling with how to lure back advertisers who abandoned the platform over concerns about hateful conduct, mass layoffs, and the company’s future.
At the same time, Musk has been trying to sell Twitter’s users on a new paid subscription platform that offers a blue verification check mark. So far, however, the platform has had limited traction. One of the challenges that the new CEO will face is helping Musk recoup some of the $44 billion he spent acquiring the platform.
It is going to be a tough job
Musk has faced criticism from Tesla shareholders concerned that he is distracted by Twitter. Still, he recently said that the platform is “trending to breakeven” after previously stating that it was at risk of bankruptcy.
While Musk prepares to step back from the CEO role, he will likely maintain significant control over the company’s future direction. After taking over in October, Musk dissolved the board and became the platform’s CEO and sole director.
The new CEO will try to turn around the struggling company and improve its reputation among users and advertisers.