Elon Musk has announced he will be stepping down as Twitter CEO to take up a more technical role within the company. The move has been welcomed by investors of Tesla.
The self-proclaimed “chief twit” said on Thursday that his replacement, a woman who has not yet been named, will take charge in six weeks.
“My role will transition to being exec chair & CTO, overseeing product, software & sysops,” Musk wrote in a tweet.
Musk, who purchased the social media site after a tumultuous legal battle last autumn, has continued to urge that he would not be a permanent CEO.
“I will resign as Twitter CEO as soon as I find someone foolish enough to take the job,” Musk wrote in a December tweet.
Tesla shares have increased 2% since Musk’s announcement on Thursday, indicating that investors have welcomed the decision.
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Many investors of Tesla, an electric vehicle company that Musk also heads up, had been expressing concern that Musk’s time was unevenly split between the two companies.
In April, 2023, a group of Tesla shareholders urged the board of Tesla to convince Musk to spend more time working between the companies evenly, CNBC reported.
Musk fired half of Twitter’s workforce, around 3,750 employees, within the first week of taking over the company in October.
His iron fist leadership has continued throughout, as he demanded that staff must commit themselves to “hardcore” working or leave.
Just two months ago, the billionaire proceeded to fire another 10% of Twitter’s workforce, equating to around 200 staff.
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