Elon Musk said Thursday that Twitter is getting a new CEO and that he will move to a product and technical role.
Musk said via Twitter that the new CEO, an unnamed woman, would start in about 6 weeks.
He added that he would transition “to being exec chair & CTO, overseeing product, software & sysops.”
Tesla shares jumped more than 2% in a sign that investors were pleased about the move.
Musk, who is CEO of automaker Tesla and reusable rocket maker SpaceX, completed the $44 billion acquisition of Twitter on Oct. 28 and made his mark there immediately. He fired the company’s top executives and laid off hundreds of employees.
Under Musk’s leadership, Twitter’s core advertising business has suffered as multiple companies halted their paid promotional campaigns as the social messaging service saw an increase in offensive speech and hateful rhetoric, several advocacy groups have documented.
He has also allowed previously banned users back on to the platform and courted political controversy with statements such as saying that the media was racist against white and Asian people.
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