Elon Musk, the CEO of Twitter, said on Thursday that the social media platform’s parent company, the X Corporation, now has a new CEO.
“My role will transition to being exec chair & CTO, overseeing product, software & sysops,” Musk said in a tweet, adding that the new CEO would start in the job in about six weeks.
Musk did not state the name of the next CEO although gave a hint that he is hiring a female.
In November, Musk stated that he anticipated working less at Twitter and eventually hiring a new CEO to take over the social media company.
Investors at Tesla, who have grown more concerned about the amount of time Musk is devoting to turning around Twitter, are likely to feel better as a result of the decision.
Shares of Tesla Inc. TSLA.O increased 2.4% in volume as a result of the announcement.
Just weeks after taking over as CEO of the social media behemoth, Twitter users voted in a non-scientific referendum in December to remove owner Musk from his position. Musk committed to uphold his promise to do so.
The initial two weeks of the billionaire’s ownership of Twitter in October were characterised by fast change. The previous CEO of Twitter, Parag Agrawal, and other senior executives were swiftly ousted, and in November, he laid off half of the company’s workers.