Twitter Will Have New CEO As Elon Musk Resigns From His Position

Key Points:

• Elon Musk announced on Thursday that he has selected a new CEO for Twitter.
• Twitter has recently selected a CEO, who will take over in six weeks, according to the technology billionaire.
• Since taking charge, Musk has made modifications to content filtering and the blue-check verification mechanism.

Elon Musk has announced his intention to stand down as CEO of Twitter.

Musk, who purchased Twitter last autumn and has been operating it since then, has often said that he is not the company’s permanent CEO. In a tweet on Thursday, the Tesla billionaire announced that he would become Twitter’s executive chairman and chief technical officer.

He said that he had selected a new CEO for X Corp., Twitter’s parent firm, who would likely take over in late June or early July. The unknown lady will succeed Musk, who purchased the social media network for $44 billion in October 2022.

He will be in charge of product, software, and system operations, according to the soon-to-be-former CEO. When Musk took over, he ousted prior CEO Parag Agrawal. Agrawal replaced Jack Dorsey, the platform’s co-founder, who started it in 2006.

Musk is a fervent proponent of cryptocurrencies, and he has voiced special fondness for the DOGE token meme. DOGE prices rose in many cases after Musk’s remarks, which were largely made on Twitter.

Nonetheless, DOGE, like the rest of the crypto market, is down over 30% from its top in April 2023 and is expected to fall further as a result of this revelation.

The new CEO, who has yet to be chosen, will begin work in around six weeks. According to the Wall Street Journal, this individual might be Linda Yaccarino, NBC Universal’s advertising business director. She was once the CEO of a Silicon Valley startup and a Hollywood executive. Linda interviewed Musk at a Miami event this month.

Tesla shares rose more than 2% immediately after the news, indicating investor satisfaction with the move.

While Twitter is still primarily a Web2 platform, it has made significant inroads into the crypto world. Musk’s and the media guy’s activities significantly impact the crypto community. Among the changes is replacing the famous bird emblem with a Shiba dog, the symbol of Musk’s favorite meme.

The day before, American business entrepreneur Elon Musk posted a parody including Milady NFT graphics, sending the collection’s average ETH selling price skyrocketing.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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Harold

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