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Elon Musk, CEO of Twitter, announced on Wednesday that he plans to find a new CEO for the social media platform by the end of 2023, when he expects it to be financially stable.
Musk stated that his priority is to stabilize the company and ensure that the product roadmap is clear. He made the comments during the World Government Summit in Dubai.
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In December 2021, Musk tweeted that he would resign as CEO of Twitter “as soon as I find someone foolish enough to take the job.” He also ran a Twitter poll in which the majority of respondents suggested he should step down. Since Musk took over the company in October 2021, Twitter has experienced both positive and negative developments. The company was recently sued by an advisory firm for about $1.9 million over unpaid bills after advising Twitter on its acquisition by Musk.
Musk closed the $44 billion deal to acquire Twitter in October 2021 and took the company private. However, advertising spending on Twitter dropped by 71% in December, as major advertisers cut their spending on the platform after Musk’s takeover. To help repay some of the $13 billion in debt acquired in the buyout, Musk’s team has been exploring new fundraising options, including up to $3 billion.
