Elon Musk, the owner of Twitter, announced yesterday that he has hired a new CEO for Twitter, who will be starting in approximately six weeks. While Mr. Musk did not reveal the name of the new CEO, he did indicate that he will be stepping down as CEO himself and transitioning into the role of chief technology officer for the social media platform within the next few weeks.

Since acquiring Twitter for $44 billion last October, Musk has been vocal about his plans to overhaul the organization and find a suitable CEO to take over the reins. In December, he asked his Twitter followers if he should step down as CEO, with 57.5% of respondents indicating that he should.

The next CEO of Twitter will be tasked with turning around the struggling company and trying to help recoup some of the $44 billion spent acquiring the platform.

Musk has stated that he wants to expand Twitter beyond social media and transform it into an "everything app," which includes financial services. Furthermore, he has changed the corporate name of Twitter's parent to X Holdings, which may eventually become the parent for all of his businesses.

The new CEO of Twitter will have to deal with the fallout from Musk's ownership, including an advertiser exodus. Nonetheless, Musk's recent statement that Twitter is "trending to breakeven" indicates that the platform is making progress towards financial stability.

According to the Wall Street Journal, NBCUniversal executive Linda Yaccarino is currently in talks to become Twitter's new CEO. Musk already has a friendly relationship with Yaccarino, who recently interviewed him at a major advertising conference in Miami, where he referred to her as "friend" and "buddy" on stage. Twitter and NBCU have also recently expanded their Olympic Games partnership.

Even though Musk is stepping back from the CEO role, he will likely maintain significant control over the future direction of the company. He has previously indicated that he wants to build a "Super App" that encompasses various services, including financial ones.

Conclusion:

The search for a new CEO for Twitter appears to be coming to a close, with the announcement that a new leader will be joining the company in six weeks' time. Musk's move to chief technologist indicates that he is confident in the company's future and that he will continue to play a vital role in shaping it. It remains to be seen how the new CEO will deal with the challenges that come with Musk's ownership, but with a friendly relationship with the potential new CEO, it may be that Twitter is in good hands.