Elon Musk recently announced that he’ll be renouncing his title of Chief Twit on Twitter. He’s long been looking for a replacement as Twitter CEO and it looks like he finally found someone.
Even though the new CEO was not named, we do know that it’ll be a woman. She’ll take on her new role in about six weeks.
Musk says that he’ll quietly transition to Chief Technology Officer and Executive Chairman, two roles that would suit him better.
This news isn’t completely unexpected since Musk previously said in November of 2022, a few weeks after buying Twitter, that “I expect to reduce my time at Twitter and find somebody else to run Twitter over time.“
Then, he doubled down on that decision after he launched a poll on Twitter asking users whether he should step down from the position of CEO.
The poll came out pin favor of him stepping down, and Musk said that “I will resign as CEO as soon as I find someone foolish enough to take the job.”
Good or Bad for Twitter?
According to Insider Intelligence analyst Jasmine Enberg, “A new CEO is the only way forward for Twitter. The single biggest problem with Twitter’s ad business was Elon Musk. As he steps back, Twitter can begin to unravel Musk’s personal brand from the company’s corporate image and attempt to regain trust among advertisers.“
Ever since Musk picked up the leadership mantle, Twitter has been losing a lot of ground, both financially and socially. Many advertisers pulled back, intimidated by Musk’s unforeseen changes to the platform.
The fact that he fired around 80% of the company’s staff didn’t improve his social standing either, nor that of his newly-acquired company.
At one point, Musk said that “No one wants the job who can actually keep Twitter alive. There is no successor“, pointing out the fact that no one was very keen on taking over the company.
However, that seems to have changed recently. The new leadership should deliver Twitter from Musk’s controversial shadow and give the company a chance at rebirth.
Whether this plays out as intended, and whether Twitter will be better off for it, we’ll see in a couple of months.