Elon Musk says he's hired a new Twitter CEO but he will still be around

He bought Twitter and named himself as its CEO in October 2022. Now billionaire Elon Musk says that he's stepping down from that role. However, he will still remain a major force in the social networking company.

In a post on his Twitter account, Elon Musk says he has "hired a new CEO for X/Twitter. She will be starting in ~6 weeks!" That unnamed person likely will also be taking over as CEO of Twitter's parent company X. Musk will still be around at Twitter. He says his new role will be as "exec chair & CTO, overseeing product, software & sysops."

During his tenure as CEO of Twitter, Musk started by firing over half of its employees. He also made a lot of changes designed to charge people and businesses money for services, such as the $8 a month Twitter Blue subscription with a number of extra features, and charging most businesses money to access its APIs. This week Twitter started offering encrypted DMs for Twitter Blue and paid business users.

Elon Musk says he's hired a new Twitter CEO but he will still be around