HomeWorld NewsElon Musk steps down and announces new Twitter CEO

Elon Musk steps down and announces new Twitter CEO

Elon Musk has announced that he has hired a new Twitter CEO, who will start in six weeks. 

Not only that, but Musk said he will remain executive chairman and CTO of the social network. 

Elon Musk: Twitter’s new CEO will be in place in six weeks

Elon Musk has announced that Twitter will have a new CEO in six weeks’ time. He will also become executive chairman and CTO of the social network. 

Apparently his idea of stepping down as CEO of Twitter will be to work as overseer of product, software and sysop operations. 

The name of the CEO has not yet been revealed, except that it will be a woman. As the tweet points out, the new CEO will come from X/Twitter, i.e. X Corp, Twitter’s parent company.

Elon Musk and his resignation as CEO of Twitter

The decision to resign as CEO follows the result of a survey proposed by Elon Musk at the end of December 2022. 

On that day, Musk had asked his followers whether he should resign, asking for a clear yes or no answer and writing that he would abide by the results of this poll. 

More than 17.5 million votes had been cast in the poll, with 57.5% in favour. 

This new decision by Musk to become Twitter’s CTO and executive chairman follows a path that began in April 2022 with his proposed purchase of the social network, which was completed in October 2022 and taken over for a total of $44 billion. 

Not only that, but after the official confirmation, Musk was then able to publicly declare his intention to create with Twitter the app for everything X. 

 Twitter’s history with Elon Musk as CEO

Despite this imminent change of roles, it is worth noting the direction that the social network has taken since Elon Musk became its CEO. 

Certainly one of his first published plans was to make Twitter an app for everything, following the model of WeChat, the Chinese social media platform used by over a billion people to find news, hail taxis or order food. 

To achieve this goal, Musk has apparently introduced new business plans. The first was to double the cost of the Twitter Blue subscription, from $5 to $8 a month. 

And while this increased revenue, Musk also carried out a mass layoff at the same time, reducing the cost of the workforce by 7,500 people.

Staying in 2022, and speaking of the crypto world, a new cryptographic feature has been added to Twitter that allows users to search for the price of bitcoin simply by typing it into the search bar. 

This is the $cashtags, the $ symbol in front of the name of the queen of cryptos, to automatically obtain price charts of the tweeted symbols. 

Elon Musk as CEO of Twitter: the importance of Dogecoin 

In these early months of 2023, while Elon Musk was CEO of Twitter, the $cashtag for bitcoin was extended to 30 other tokens. 

Among the many, the price index for Dogecoin ($DOGE), which Musk has always emphasised, could not be missing. 

In fact, at the beginning of April, Musk stressed his love for DOGE to the point of inserting the logo of the crypto-memecoin par excellence in place of the “little blue bird”, Twitter’s iconic symbol.

Not only that, but this image replacement was later supported by Musk by posting a meme on his Twitter profile, once again highlighting Dogecoin’s little dog Shiba.

As a result, DOGE experienced a 25% price increase in just 24 hours, reaching $0.1

Will the social network of tweets become a financial network?

Elon Musk was one of the co-founders of PayPal, the digital payments giant. Through his involvement in Twitter as majority shareholder and CEO, he has sought to bring the social network of tweets more and more into the world of finance. 

And indeed, it was recently announced that Twitter will be working with eToro, the social trading company, to allow users to trade stocks and crypto. 

Specifically, a new feature will be implemented on Twitter that will allow users to view market charts on an expanded range of financial instruments and buy and sell stocks and other assets from eToro. 

This partnership marks Twitter’s first real business deal since Musk became CEO.

Stefania Stimolo
Stefania Stimolo
Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.