On Thursday, Elon Musk announced that he will be leaving Twitter and has hired a new chief executive officer for Twitter, now known as X Corp. Although he did not reveal her identity, he stated that she will begin work in roughly six weeks.
Musk, who acquired Twitter in October 2022 and has served as its CEO since, has always maintained that his position is temporary. The Tesla billionaire announced his promotion to Executive Chairman and Chief Technology Officer of Twitter in a tweet on Thursday.
Musk has said in his statement, “I expect to reduce my time at Twitter and find somebody else to run Twitter over time.”
In December, amid rumors on social media that he was leaving Twitter, Musk stated in his initial post, “I will resign as CEO as soon as I find someone foolish enough to take the job.” The billionaire himself sponsored a Twitter poll asking users to vote on whether he should resign, and then vowed to honor the results.
Even without knowing who will succeed him, analysts who closely follow Twitter’s operations were pleased by the announcement. Under Musk’s erratic leadership, Twitter’s advertising revenue has taken a blow, but the billionaire said the firm is “roughly” breaking even.
According to Jasmine Enberg, an analyst at Insider Intelligence, “A new CEO is the only way forward for Twitter.” Many are of the opinion that Elon Musk was the largest issue for Twitter’s advertising business. Now that Musk is taking a step back, Twitter can separate his personal brand from the company’s business image and work to win back the trust of advertisers.
The future of Twitter’s advertising business is uncertain, but whoever takes over as CEO is unlikely to be as divisive or harmful to the company as Musk has been.