Why is Elon Musk stepping down from Twitter?

Elon Musk

Photo Credits: Getty Images

On Thursday, May 11, Elon Musk tweeted that he will be stepping down as CEO of Twitter as he had found another person to take the role.

“Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in ~6 weeks! My role will transition to being exec chair & CTO, overseeing product, software & sysops.“ Elon wrote. He did not add any additional details regarding the reason for transitioning to other roles.

New Twitter CEO

The next CEO’s name has not yet been announced, but people are already making comments about the person. “Elon Musk hiring her, she will probably be good!“ a Twitter user commented.

The news comes months after he announced he would be stepping down as CEO as soon as he finds someone “foolish enough to take the job”, as this source mentions. “I will resign as CEO as soon as I find someone foolish enough to take the job!” the current Twitter CEO posted on the platform back then, according to this article.

Earlier this year, Elon Musk predicted that the next CEO will be announced at the end of 2023. “I think I need to stabilize the organization and just make sure it’s in a financial healthy place. I’m guessing probably toward the end of this year would be good timing to find someone else to run the company.” he said, as The New York Post writes here.

Elon Musk Net Worth

As of May 2023, Elon Musk’s net worth is estimated to be $179.5B, Forbes notes.

Published by HOLR Magazine.