TechnologyElon Musk already has a CEO for Twitter: "He will start in ~6 weeks!"

Elon Musk already has a CEO for Twitter: “He will start in ~6 weeks!”

Elon Musk announced this Thursday that he has found a new CEO for Twitter.

The billionaire has not specified who will take over. Musk initially became Twitter’s CEO last year after he bought the company and fired its previous CEO, Parag Agrawal, within hours of delisting the social network.

“Excited to announce that I have hired a new CEO for X/Twitter”, Musk said on Twitter. “It will start in about 6 weeks. My role will transition to CEO and CTO, overseeing product, software, and sysops.”

Musk has not responded to a request for comment from Business Insider before its publication. Twitter responded to the request with an automated message that did not refer to the matter.

Tesla shares are up 2% immediately after the announcement.

Since Musk took over as Twitter CEO in November, several Tesla shareholders have raised concerns about the attention paid to the social network, as Musk often sleeps at its headquarters. Recently, several Tesla investors have written an open letter stating that Musk has been “distracted” by other companies and calling for him to be stopped.

Musk has said from the outset that he had planned his tenure as Twitter CEO to be temporary. In December, the billionaire said he would eventually step down as Twitter CEO after conducting a poll asking Twitter users if he should step down and a majority voted for Musk to step down.

Earlier this year he said he might need until the end of the year before he could hire a successor.

“I need to stabilize the organization and make sure it’s in good financial health and that the product roadmap is clearly defined,” Musk told the World Government Summit in Dubai in February.

Since buying the company for $44 billion, Musk has fired 80% of Twitter’s staff and initiated several major changes, including removing check marks. Last month, Musk said the company is now “more or less breaking even” and told the BBC that, had he not taken the reins, Twitter was on track to run out of cash in about four months.

Musk is currently trying to increase subscription revenue through his revamped Twitter Blue program. The company earns most of its revenue from advertising, but many advertisers have slowed their spending on the platform since Musk took over.

The company’s revenue reportedly fell about 40% in December compared to the same period a year earlier, after about half of Twitter’s advertisers left the platform.

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