By
Svetlana Soroka
April 18th, 2024
Since Musk took over, reports have it that revenue has dropped immensely as a result of advertisers shunning the platform.
Elon Musk, the vocal Chief Executive Officer of microblogging and social media platform, Twitter Inc has unveiled plans to appoint a new successor and CEO for the company by the end of this year. As reported by CNBC, Elon Musk made the commitment to find a successor at the World Government Summit in Dubai.
Just a few months after the completion of the $44 billion acquisition of Twitter, Elon Musk started sharing plans to hand over the platform to someone else to manage. The vocal Twitter user posted a poll back in December asking his more than 128.9 million followers to decide if he should quit the role as CEO or not.
The poll ended at the time with the majority pegged at 17.5 million supporting the notion that he should step down.
“I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams,” Musk said in a tweet he shared right after the poll.
Per his current leanings, he is committed to that move but said he wants to stabilize the social media outfit financially before someone else takes over.
“I think I need to stabilize the organization and just make sure it’s in a financially healthy place and that the product roadmap is clearly laid out,” Musk said at the Summit. “I’m guessing probably towards the end of this year should be good timing to find someone else to run the company because I think it should be in a stable position around the end of this year.”
Since Musk took over, reports have it that revenue has dropped immensely as a result of advertisers shunning the platform. Alternatively, he has devised ways to improve Twitter Blue as a way to generate more revenue.
Elon Musk on Twitter Acquisition vs Starting Afresh
The vocal CEO, who also heads the affairs at his electric vehicle company, Tesla Inc (NASDAQ: TSLA), spoke on reasons he acquired Twitter versus building a new social media tool from scratch.
As he pointed out, building a new social media platform will leave him lagging behind current technology by 3 to 5 years.
“I thought about creating something from scratch, but I thought Twitter would perhaps accelerate progress versus creating something from scratch by three to five years,” Musk said. “And I think we are seeing just a tremendous technology acceleration that three to five years is actually worth a lot.”
Elon Musk has always believed he has what it takes to take Twitter to the right pedestal as it relates to free speech moderation. The controversial personality said the social media platform is working to ensure that it aids free speech to the point that it is accepted by law in all regions.