The billionaire, who had been complaining about being too busy and too busy, is finally giving up his CEO position at one of his companies.。

On May 12, Beijing time, Twitter's current CEO Elon Musk announced on Twitter that he would step down as CEO of the company and become executive chairman and chief technology officer, responsible for overseeing product, software and system development.。

He tweeted: "I am pleased to announce that I have found a new CEO for X / Twitter who will be starting in 6 weeks.。My role will change to Executive Chairman and Chief Technology Officer (CTO) of (X / Twitter), responsible for product, software and system operations。"

Musk did not disclose the name of the successor in the tweet, but he used the personal pronoun "She," and it is reasonable to assume that the successor will be a woman.。

 

Musk doesn't want to be CEO of any company.

 

On October 27, 2022, Musk took Twitter private for $44 billion and took charge of the company.。The first move by the Twitter CEO after completing the acquisition was to fire a number of executives, including the former Twitter CEO, CFO and head of trust security, and has repeatedly said he wants to restore Trump's previously suspended Twitter account。

On the same day, Musk tweeted that he was not buying Twitter to make more money, but to "the future of civilization."。

At a time when people are envious of this life winner, Musk feels that he doesn't want to be limited to the traditional CEO role, and that his role in the tech team is just as important.。"The CEO is often seen as a bit of a business-focused role, but really, my role is more of an engineer developing technology, making sure that we develop breakthrough technology and making sure that we have an incredible team of engineers who can achieve those goals," he said.。"

He also revealed: "Frankly, I don't want to be the CEO of any company.。"

In fact, in 1995, when Musk first started his business after dropping out of school, he was also more interested in the technology sector.。At the time, he and his brother rented a modest 45-square-meter office in San Francisco and founded a company called Global Link Information Network, which was later renamed Zip2.。Later, by writing code day and night, he evolved Zip2's software into an actual product that could be used and displayed, successfully attracting the first VCs.。

At the end of last year, Musk launched an online vote on his personal Twitter account to let netizens decide whether he should resign as Twitter CEO and promised to "obey the results of the vote."。More than 17 million Twitter users took part in the poll, with 57.5% of users think Musk should step down。In response, Musk tweeted that he would resign as CEO if he found someone stupid enough to take the job。

 

Tesla shareholders: choice between limiting Musk's distraction in managing outside companies or proposing CEO succession plans

In addition to Twitter's CEO, Musk has served as CEO of Tesla, CEO and CTO of SpaceX, and chairman of SolarCity's board of directors, which has caused discontent among some of the company's shareholders.。

In the middle of last month, according to media reports, some Tesla shareholders signed a joint letter, hoping that Musk can pay more attention to the development of Tesla, that he did not spend enough time and energy on Tesla's development, including solving the competitiveness of electric vehicles, improving the working environment of employees and other issues.。

The incident was triggered by Tesla's unsatisfactory first-quarter results.。According to the company's earnings data released on April 19, Tesla recorded a net profit of only 25 in the first quarter of 2023..$1.3 billion, down sharply from 33.$1.8 billion, down 24% YoY。

A day later, SpaceX unmanned vehicle "Starship" (Starship) test failed, but also to Tesla shareholders to add to the congestion。It is reported that just after the failed launch of the Starship, Tesla suffered a severe setback in the U.S. stock market, with shares plunging 9.75%, with more than $55 billion wiped off its market value overnight。

Shareholders have suggested that they want the board to come up with a solution to limit Musk's distractions in managing outside companies, or come up with a CEO succession plan。

 

Who is the successor?？NBCU's head of advertising has been most vocal with news that it has begun to help Twitter restore its reputation.

 

NBC Universal's advertising executive Linda Yaccarino is expected to take over, according to people familiar with the matter, and she and Musk have recently interacted closely.。

At a major advertising conference in Miami last month, Yakalino interviewed Musk, and the two looked quite familiar, calling each other "buddies."。It's also been reported that over the past few months, Yaccarino has been trying to help Twitter restore its reputation among advertisers.。

Yaccarino has more than a decade of experience in the advertising industry and is a key player in the company's launch of an ad-supported streaming service。In addition, she manages about $13 billion in annual advertising revenue and has close ties to marketers and advertising agencies.。

Interlaced, under Musk's governance, Twitter's core business, advertising, has been devastated in the past few months.。

According to market intelligence firm Sensor Tower, 37 of the top 100 advertisers on Twitter before last October did not spend any advertising money on the social platform in the first quarter of this year.。Another 24 brands cut their average monthly ad spend by 80% or more。In addition, since Musk took over, Twitter's paid subscription service, Twitter Blue, has not been consistently implemented, attracting less than 1% of users.。

In this case, the experienced and well-resourced industry leader may really help Twitter out of the mire。

But until Twitter is officially announced, everything is unknown.。In this case, the media also gave several potential candidates, including Ella Irwin, head of trust and security at Twitter, Robyn Denholm, chairman of Tesla's board of directors, and Gwynne Shotwell, president and chief operating officer of SpaceX.