Elon Musk announces he will step down as Twitter CEO

CoinTelegraph reported:

Twitter CEO Elon Musk has announced that he will be transitioning to executive chair and chief technology officer of the social media platform in roughly six weeks.

In a May 11 tweet, Musk said he hired a new CEO for X Corp. — Twitter’s parent company — who will likely replace him starting in late June or early July. The unnamed woman will follow Musk, who took over the social media platform in October 2022 after completing a $44 billion acquisition.

According to the soon-to-be-former CEO, he will be overseeing product, software and system operations. Musk fired former CEO Parag Agrawal upon his takeover. Agrawal succeeded Jack Dorsey, the co-founder of the platform, which first launched in 2006.

Related: Who on Crypto Twitter chose not to pay for a blue checkmark?

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

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

Magazine: Musk hints at suing Microsoft, US Rep. wants Gensler fired, and more

Read more