Elon Musk Transitions from Twitter CEO to Executive Chair & CTO Role, Boosts Tesla Shares

By Adriaan Brits | Thursday, 11 May 2023 | Business

Elon Musk, the CEO of SpaceX and Tesla, and most recently, the driving force behind Twitter's overhaul, announced Thursday that he will step down as CEO of Twitter to focus on a more technical and product-oriented role. The position of CEO will be assumed by an unnamed woman in approximately six weeks, Musk revealed.

Musk's acquisition of Twitter last October for $44 billion marked the beginning of a transformative era for the social media giant. His immediate actions included a necessary restructuring of the company's leadership, which resulted in executive reshuffling and layoffs, aimed at revitalizing the company's internal dynamics. Musk also championed open discourse by allowing previously banned users back onto the platform.

Twitter's core advertising business saw a shift under Musk's leadership, as the platform grappled with the delicate balance of free speech and content moderation. Musk responded proactively, introducing Twitter Blue, a subscription service offering extended features. This service also came with a reimagining of Twitter's verification system, in an effort to democratize the blue checkmark and offer enhanced features to those willing to subscribe.

Tesla investors responded positively to the news of Musk's change in role at Twitter, with Tesla shares surging more than 2% following the announcement. There had been previous concerns among some shareholders that Musk's commitment to Tesla was divided due to his responsibilities at Twitter. This move seems set to allay such fears and refocus Musk's attention on Tesla's innovative advancements.

Despite several technical hiccups and service outages during Musk's tenure, he maintained that such challenges were part of the necessary evolution for the betterment of the company's long-term financial health.

As Musk shifts roles, both investors and Twitter users will be watching keenly to see how his new role as executive chair and CTO will shape the future of the social media platform.

About the Author

Adriaan Brits

As an analyst of global affairs, Adriaan has an MSC from Oxford, with diverse interests in the digital economy, entertainment, and business. He is a specialist trainer in Advanced Analytics & Media.