Elon Musk announces he will step down as CEO of Twitter

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Elon Musk, CEO of Twitter, has announced that in about six weeks he will become CEO and CTO of the social media platform.

In a May 11 tweet, Musk said he had hired a new CEO for X Corp – Twitter’s parent company – who will likely take over in late June or early July. The as-yet-unnamed woman will succeed Musk, who took over the social media platform in October 2022 after completing a $44 billion acquisition.

According to the soon-to-be CEO, he will oversee product, software and systems operations. Musk fired the previous CEO, Parag Agrawal, after his acquisition. Agrawal succeeded Jack Dorsey, co-founder of the platform, which first launched in 2006.

Musk, once the world’s richest person, first announced his plans to acquire Twitter in April 2022. During his tenure as CEO, he has enacted many controversial company policies, including phasing out the verification system inherited from the platform, briefly changing the Twitter logo to Dogecoin, and carrying out multiple rounds of layoffs.

Many Twitter users speculated on the identity of Musk’s replacement, with ideas ranging from himself in a wig to disgraced Theranos CEO Elizabeth Holmes. Musk remains CEO of SpaceX and Tesla.