Elon Musk, the billionaire owner of Twitter, has announced that a new chief executive will take over the social media platform in six weeks’ time. Mr. Musk, who bought Twitter for $44bn last year, did not reveal the identity of the new boss but confirmed that he would become executive chairman and chief technology officer. The move comes amid growing pressure for Mr. Musk to step back from the day-to-day running of the company and focus on his other businesses.
Pressure mounts on Musk to relinquish control of Twitter
Mr. Musk’s decision to appoint a new boss at Twitter follows calls from shareholders and Twitter users alike for him to step down as CEO. Last year, he responded to an online poll in which he was voted out by saying that “No one wants the job who can actually keep Twitter alive”. However, it was not clear when or even if he would hand over control of the platform.
Tesla shares rise on news of new CEO
The announcement of a new chief executive for Twitter has been welcomed by investors, with Tesla shares rising following the news. Mr. Musk has previously been criticized for neglecting Tesla after his takeover of Twitter, damaging the car company’s brand. “We at last view this as a significant forward-moving step with Musk at long last perusing the room that has been around this Twitter bad dream,” said Dan Ives from the venture company Wedbush Securities. “Trying to balance Twitter, Tesla, and SpaceX as CEOs [is] an impossible task that needed to change”.
Linda Yaccarino tipped as possible new CEO
According to reports in US media, NBCUniversal’s head of advertising Linda Yaccarino is in talks to become the new chief executive of Twitter. However, Twitter has declined to comment on the reports, and NBCUniversal has not yet responded to a request for comment from the BBC.
Challenges ahead for new Twitter boss
The new CEO of Twitter is likely to face a number of challenges as they take over the reins of the social media platform. Twitter’s revenue is largely driven by advertising, and the new boss will need to maintain good relationships with advertisers while also addressing their concerns over content moderation. Mr. Musk, who is a self-proclaimed free-speech absolutist, has said that he took over Twitter to protect free speech. However, advertisers do not want their content next to misinformation or extremist content.
A female CEO for Twitter?
If Mr Musk has indeed appointed a female executive to take over as CEO of Twitter, it would be a significant milestone for women in the tech industry. Last year, fewer than 10% of chief executives of tech firms in America’s 500 biggest companies were women.
Elon Musk’s announcement of a new chief executive for Twitter has been met with optimism from investors and Twitter users alike. The move is seen as a positive step towards addressing concerns about Mr Musk’s role as CEO and his focus on other businesses. While the new CEO will face challenges in maintaining relationships with advertisers and addressing concerns over content moderation, the appointment of a new boss could be a significant milestone for women in the tech industry.