Elon Musk lets go of the reins of Twitter, the action of Tesla rises

Elon Musk is stepping down from his role as CEO of Twitter, but he still remains committed to running the social network.

Elon Musk during his rodeo // Source: Tesla

Elon Musk, the man who seems unable to settle for just one prestigious title at a time, has announced that he has found a new leader for Twitter, or rather “X” as he has renamed it. However, he did not deign to reveal the identity of this future CEO.

A new CEO

In a tweet, this Thursday, May 11, 2023, Musk said he had “hired a new CEO for X/Twitter” and that she “will start in about 6 weeks”. Elon Musk, meanwhile, has chosen to swap his title of CEO for that of executive chairman and chief technical officer, “overseeing the product, software and system operations” of Twitter.

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.

— Elon Musk (@elonmusk) May 11, 2023

Elon Musk foreshadowed the CEO change with a poll last December asking his followers if he should “step down as the head of Twitter,” promising to comply with the wishes of the crowd (and presumably, the bots).

Even if Elon Musk will soon no longer be the CEO, he nevertheless remains the owner of the company. So it seems unlikely that changing someone’s title will make Twitter less chaotic. Recall that in a single year, Twitter has undergone many changes. Now, Blue accounts dominate, Elon Musk having completed his project by giving them increased visibility. However, what was supposed to save Twitter seems to be precipitating its downfall instead.

Another burning question: how has Elon Musk’s attention affected his other companies (Tesla, SpaceX, Neuralink, The Boring Company)? It’s hard to say with certainty, however, there’s been a noticeable rise in Tesla’s share price since his announcement as CEO of Twitter. It is plausible that this is not just the result of chance.

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Source: Frandroid by www.frandroid.com.

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