UPDATE: The new CEO of Twitter is confirmed to be Linda Yaccarino, the former NBCUniversal executive.
At 3:50PM EST, Thursday May 11th, Elon Musk announced he was stepping down as the CEO for Twitter.
Elon Musk will remain on the board to oversee products, software, and system operations. This may be in relation to a poll held by Elon on December 18th, 2022, where he asked followers whether he should step down as the head of Twitter.
After 17.5 million votes, the results were in — 57.5% voted yes.
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Elon Musk said he had hired a new CEO, but there is no news yet about exactly who that is — though from context, we know it’s a woman.
Though the news just broke moments before market close, Tesla stock had already begun to react.
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After a mostly sleepy day, shares ended +2.1% on the news, and have risen another 0.41% after hours.
Though Musk’s tenure at Twitter was rather short, his impact has been very large, including the introduction of additional identity verification methods, the new pay-for-blue-check system, Twitter stock going private, chances in the social media company’s free speech suppression policies, and an overhaul of the staff.
We’ll keep this piece up to date when more news arises.