Elon Musk revealed that he had chosen a new CEO to take over Twitter months after pledging to step down.
According to Musk, the new CEO will take over at Twitter Inc., which just changed its name to X Corp., in the coming weeks. He did not give his name.
The Wall Street Journal, citing sources, stated that NBCUniversal's chief of advertising, Linda Yaccarino, was in talks for the role.
"I'm thrilled to announce that I've hired a new CEO for X/Twitter." She will begin in six weeks!" Musk stated this in a tweet.
Musk, who has had a tumultuous reign as "Chief Twit" since purchasing the firm in October, announced his intention to become Twitter's executive chair and chief technology officer, controlling product, software, and system operations.
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Musk conducted a poll on the platform in December asking people whether he should stand down as CEO of Twitter, with the majority of users voting in favour. Musk first stated that he would follow the poll's findings but then said he would hand up the position "as soon as I find someone brilliant enough to take the job!" He stated again in February that he intended to find his success by the end of the year.
Musk has been chastised for a series of policy changes at Twitter, many of which came without explanation and raised concerns about the impact on users.
He has also been working to persuade advertisers to return to the platform after many left due to concerns about nasty behaviour on the forum, significant layoffs at Twitter, or questions about the company's future. Simultaneously, he has been attempting to sell consumers on a new premium subscription model that includes the possibility to pay for a blue verification check mark but has had limited success thus far.
Musk, who runs or is engaged in several other firms, including Tesla, has also come under fire from Tesla shareholders who believe he is distracted by Twitter.
Musk recently stated that Twitter is "trending to breakeven" after saying the company was on the verge of bankruptcy. The new CEO will now be entrusted with attempting to turn around the faltering company and assist Musk in recouping part of the $44 billion spent acquiring the platform.
Even as Musk prepares to step down as CEO, he will likely retain significant control over the company's future. In October, Musk took over the company, removing the C-suite, dissolving the board, and becoming the platform's CEO and sole director.
