Musk Claims He’s Hired a New Twitter CEO and Will Step Down

Elon Musk, who owns Twitter, said Thursday that he has found a new CEO to run the social media site.

Musk sent out a tweet about the news, but he didn’t name the new boss right away. He also said he would do less day-to-day work on the site. He will still be the executive chair and Twitter’s chief technology officer, which means he will be in charge of changes to the products.

Musk seemed to give a small clue about the next CEO when he said that “she” would start in about six weeks.

Investors in Musk’s other companies, such as Tesla, have been worried for months that the tech billionaire was spending too much time on Twitter and not doing enough of his other jobs.

Right after the tweet, the price of a Tesla share went up by about 2%.

Musk bought Twitter for $44 billion in October after fighting with the company’s previous management for months over the price and health of the business.

In the six and a half months since then, he has made a lot of changes. He has fired the vast majority of Twitter’s employees, brought back suspended users’ accounts, including that of former President Donald Trump, and made it easier for Twitter to post possibly offensive content.

Musk also got rid of the program that verified the accounts of famous people. Instead, blue-and-white checkmarks are only given to people who pay for Twitter’s paid service.

It’s not clear if the new CEO will keep trying to make big changes, but in at least one way, she will break a rule: Twitter has never had a woman as CEO since it started in 2006.

Musk will probably have more time to work on his other businesses now. He is the CEO of both the car company Tesla and the engineering and rocket company SpaceX. Last month, SpaceX launched the world’s biggest rocket as part of a plan to send people to Mars in the future.

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Even other tech investors have asked Musk if he is smart to spend so much time on a social media product when he has so many other things to do.

“Can you think of a prominent person who’s currently wasting his talents in the software when he could be working on manufacturing and heavy industries?” investor Paul Graham dryly asked Musk on Twitter last month.

Bloomberg’s Billionaires Index says that Musk has a net worth of $168 billion, making him the second-richest person in the world.

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