Elon Musk, the billionaire owner of Twitter, has announced on the social media platform that a new boss will take over in six weeks. Musk did not name the new CEO but said that he would become executive chairman and chief technology officer. The move comes after pressure from shareholders to name someone else to lead the company and allow Musk to focus on his other businesses. Musk has previously been accused of abandoning Tesla after his takeover of Twitter and damaging the car company’s brand. The new boss will likely seek to improve relationships with advertisers and smooth their fears over content moderation.
Although Musk has talked about paid subscribers to Twitter Blue, advertising brings in the vast majority of revenue at Twitter. The new CEO will need to improve relationships with advertisers and address their concerns over content moderation. Musk has said he took over Twitter to protect free speech, but advertisers do not want their content next to misinformation or extremist content. Musk purchased Twitter in October 2022 after a lawsuit forced him to go through with the deal. Upon taking charge, he controversially fired thousands of staff in a bid to cut costs at the firm, which has struggled to be profitable. In March, Musk said those efforts had paid off and the platform’s finances were improving.
The appointment of a female CEO would be a major departure from the typical tech boss. Musk’s announcement has caused Tesla shares to jump. However, it is sometimes difficult to know when the eccentric billionaire is being serious. Last month, when asked who was going to be boss of Twitter, he said he had made a dog Twitter’s leader. Musk’s appointment of a new CEO will be closely watched by shareholders and advertisers alike.
Keywords: Elon Musk, Twitter, CEO, advertising, content moderation, shareholders, profitability.
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