“Excited to announce that I’ve hired a new CEO for X/Twitter,” Musk tweeted on Thursday. “She will be starting in ~6 weeks!”
“My role will transition to being exec chair & CTO, overseeing product, software & sysops,” Musk said in a tweet.
Musk said in November he expected to reduce his time at Twitter and eventually find a new leader to run the social media company.
The move is likely to allay Tesla investors’ concerns, who have been increasingly worried about the time that Musk is devoting to turning around Twitter. Tesla shares jumped 2.4% in trading volume as the news broke.
Musk took over as CEO in October after he acquired the company for $44bn and fired executives. Twitter has been in a state of near-constant turmoil ever since as Musk carried out an aggressive and chaotic agenda he said was aimed at cutting costs and improving the company.
His tenure as chief executive has been marked with controversy, including decisions to reinstate previously banned accounts, such as those belonging to Donald Trump and the misogynist influencer Andrew Tate, and the botched rollout of Twitter Blue.
Large advertisers have abandoned the platform due to concerns about hate speech and poor content moderation. Meanwhile, Twitter’s former CEO has sued the company over legal fees.
It was reported in March that the company is worth less than half of what Musk paid for it last fall.