Elon Musk looks to leave the CEO chair by the end of the year, saying he needs to make sure the company is in a financially stable place first.
Elon Musk says he is ready to vacate his CEO position at Twitter by the end of this year but hasn’t quite decided who will lead the social media platform. Speaking remotely to the audience at the World Government Summit in Dubai, the billionaire mentioned that the first priority is to stabilize the company and ensure that “it’s in a financially healthy place” before he hands over the reins to his successor.
A financially healthy place is one of the biggest moonshots for Twitter right now, and things don’t seem to be sailing smoothly. Following aggressive lay-offs in the name of corporate restructuring, Musk initiated a handful of “hardcore” cost-cutting moves that involved shutting down office space, cutting down on employee perks, and auctioning office supplies like exorbitantly expensive coffee machines. Some of his billionaire frugality also resulted in a smelly washroom problem, it seems.
On the product side of things, the recent money-milking changes made to Twitter haven’t really won a lot of fans.
