Billionaire Elon Musk has announced his intention to hire a new CEO for Twitter by the end of the year, with the social media site’s financial stability and stabilization being his top priorities. Speaking at the World Government Summit in Dubai, Musk emphasized the importance of selecting a capable Twitter leader to handle the platform’s challenges. He dismissed rumors that he is considering becoming the company’s CEO and stated that stabilizing the business and ensuring its financial health was his priority.
Musk’s announcement comes in the wake of the ongoing controversy surrounding his $44 billion acquisition of the social media site. He has a reputation for making outlandish, often controversial statements and is known for taking significant risks to achieve his objectives. Despite Twitter’s reputation as a hotspot of political and social unrest, Musk is optimistic about its future. He recently called the network “arguably the most important social media platform out there” and stated that it could turn into a “gateway drug” to websites like Facebook and Instagram.
However, Twitter’s reputation has suffered due to its handling of prominent customers like former President Donald Trump, who was kicked off the platform following the Capitol brawl. The dissemination of false information on the platform has also come under criticism, along with its algorithms. Unlike other social media networks like Facebook, Twitter has had difficulty monetising its user base, and its revenues have lagged behind those of its rivals.
Musk’s plans to find a capable CEO to run the platform may be difficult given the several issues Twitter is experiencing. However, several business professionals are confident about the future of Twitter, with some predicting that the platform’s expanding user base and advertising capabilities could lead to over $10 billion in income by 2025.
It remains to be seen whether Musk will be able to resist the impulse to assume the CEO position himself. He has joked about his Shiba Inu dog, Floki, being the company’s “CEO,” and his past behaviour may suggest that he may not be able to resist the temptation to take on the role. Regardless, Musk’s choice of CEO will undoubtedly be under intense scrutiny, with the tech world closely watching his decision.