Elon Musk has announced that he has appointed a new CEO for Twitter.
The 51-year-old Tesla billionaire purchased the social media platform last October for a staggering $44 billion and immediately introduced a huge shake-up in the way the company is run.
Musk fired the previous chief executive, Parag Agrawal, and hundreds of global employees that included data scientists, product managers, and engineers who worked on machine learning and site reliability. This resulted in it losing a large amount of its functionality.
The once richest man in the world even orchestrated new paid-for services that include the $8 blue check verification and two-factor authentication.
After a tumultuous few months - which included several celebrities leaving after his takeover - it looks like Musk is finally ready to step down from the CEO role as he revealed on Thursday (May 11) that he has found someone else to take the helm.
The SpaceX founder tweeted: "Excited to announce that I've hired a new CEO for X/Twitter. She will be starting in ~6 weeks!" He added that his role within the company will transition to "exec chair and CTO, overseeing product, software and sysops".
In a later tweet, he clarified: "The commitment to open source transparency and accepting a wide range of viewpoints remains unchanged," in response to a comment from political commentator Alex Lorusso - known on the platform as Alx - that free speech remains a "top priority" for the billionaire "regardless of who the next" CEO is.
Funnily enough, the news comes after the entrepreneur took to the platform on December 18 to ask users to determine the future leadership structure of the company.
He shared out a poll with the question: "Should I step down as head of Twitter? I will abide by the results of this poll," and after 24 hours it was revealed that 57.5 percent voted for the billionaire to bounce while 42.5% actually wanted him to remain as CEO.
The tech mogul published another tweet a couple of days later, seemingly confirming that he will step down from the role as soon as he finds someone suitable to take over.
"I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams," he wrote.
According to the BBC, Tesla shares increased after the announcement as the entrepreneur has been accused by shareholders of abandoning his duties at the popular automotive company after his takeover of the social media platform.
"We ultimately view this as a major step forward with Musk finally reading the room that has been around this Twitter nightmare," Dan Ives from the investment firm Wedbush Securities said, per the outlet.
"Trying to balance Twitter, Tesla, and SpaceX as CEOs [is] an impossible task that needed to change," Ives added.
The identity of the new Twitter CEO has not been disclosed yet.