Elon Musk, the owner and Chief Executive Officer of Twitter, is stepping down from the lead role in the social media platform as a new CEO has been hired.
In a tweet, he said, “Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in ~6 weeks! My role will transition to being exec chair & CTO, overseeing product, software & sysops.”
The tweet about the new CEO for the troubled Twitter comes as Bloomberg reported that a lawyer for Musk asked a federal appeals court in New York to throw out his 2018 agreement with US regulators requiring a Tesla Inc. lawyer to screen all his company-related Twitter posts, calling it an illegal limitation on his free-speech rights.
Musk, who is also Tesla’s chief executive officer, claimed that the deal with the US Securities and Exchange Commission violates the First Amendment to the Constitution and that the SEC is harassing him.
In December last year, Musk had stated that he would resign as Twitter’s chief executive as soon as he finds a replacement, but would plan to keep running key software & servers teams.
He was responding to a then Twitter poll, in which majority of users had voted in favor of Musk resigning as Twitter chief, a role he holds following his $44 billion acquisition of the social media platform in late October last year.
Musk had said previously that his position as CEO would be temporary, noting that he expected to reduce time at Twitter and find somebody else to run Twitter over time.
Twitter recently had been merged into Musk’s newly formed shell firm X Corp.
Since closing the acquisition of Twitter in October last year, Musk had reshuffled its management and fired or laid off a good number of employees. He also brought many changes to its operations.
In March, while speaking at a Morgan Stanley conference in San Francisco, the billionaire claimed that he had taken drastic measures to improve the company’s financial health, and that Twitter is improving its financials and may break even on a cash-flow basis in the second quarter or even go positive. According to him, significant cost cutting efforts are helping the company to recover.
Musk then stated that going forward, Twitter will have very relevant, useful advertising. And because it is useful, because it is relevant, there will be a massive increase in revenue.
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