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Musk hires new CEO for Twitter – name unknown

Twitter CEO Elon Musk says he has found a new chief executive for the social media platform and that she will start in about six weeks.

“My role will transition to being exec chair & CTO, overseeing product, software & sysops,” Mr Musk said in a tweet early on Friday (AEST).

Mr Musk, however, did not name the candidate.

The move is likely to allay Tesla investors’ concerns, who have been increasingly worried about the time that Mr Musk is devoting to turning around Twitter.

Tesla shares jumped 2.4 per cent in volume spike on the news.

Mr Musk, who said in November he expected to reduce his time at Twitter and eventually find a new leader to run the social media company, has previously not named any prospective candidates.

The billionaire’s first two weeks as the Twitter owner last October were marked by rapid change. He quickly fired Twitter’s previous CEO Parag Agrawal and other senior leaders and then laid off half of the social media platform’s staff in November.

-AAP

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