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Twitter Should Be Stable by End of 2023, Will Be Good Time to Find New CEO Then: Elon Musk

Musk was speaking virtually at the World Government Summit in Dubai.

Twitter Should Be Stable by End of 2023, Will Be Good Time to Find New CEO Then: Elon Musk

Photo Credit: Reuters

Elon Musk acquired Twitter for $44 billion last year

  • Musk first spoke of stepping down as Twitter CEO in December 2022
  • Twitter went through various changes since Musk's takeover
  • Musk's team has been reportedly exploring a fundraiser for debt repayment

Twitter Chief Executive Elon Musk said on Wednesday that towards the end of 2023 would be "good timing" to find someone else to run Twitter, when he expects the social media platform to be stable.

"I think I need to stabilise the organisation and just make sure it's in a financially healthy place and that the product roadmap is clearly laid out," said Musk, speaking virtually at the World Government Summit in Dubai, when asked if he had identified a new Twitter CEO and when that person would be hired.

"I don't know, I'm guessing probably towards the end of this year would be good timing to find someone else to run the company, because I think it should be in a stable position around, you know, at the end of this year," he said.

On December 21, Musk said on Twitter that he would resign as its chief executive "as soon as I find someone foolish enough to take the job!"

He added that he would "just run the software & servers teams".

Musk ran a poll on the social media platform days earlier on whether he should step down as Twitter CEO, in which a majority of respondents said he should.

The social media platform has gone through ups and downs since Musk took over the company on October last year. Earlier this month, Twitter was sued by an advisory firm for about $1.9 million (roughly Rs. 15.7 crore) over unpaid bills after it advised the social media company on its acquisition by Musk last year.

Musk in October closed the $44 billion (roughly Rs. 3.6 lakh crore) deal to acquire Twitter and took the company private. Advertising spending on Twitter dropped by 71 percent in December, data from an advertising research firm showed, as top advertisers slashed their spending on the social-media platform after Musk's takeover.

Last month, it was reported that Musk's team has been exploring using as much as $3 billion (roughly Rs. 1,06,000 crore) in new fundraising to help repay some of the $13 billion (roughly Rs. 1,07,800 crore) in debt tacked onto Twitter for his buyout of the company.

© Thomson Reuters 2023

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Further reading: Elon Musk, Twitter
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