On Thursday, Elon Musk revealed that he has selected a new CEO for Twitter and plans to step away from the role within six weeks. His decision marks a significant shift for the company, seeing as he was previously taking on this important responsibility himself.
Elon Musk, who is the CEO of both Tesla and Space X, has stayed tight-lipped about who will take the role of chief executive. However, he stated his intention to move into a new role as executive chairman and chief technology officer while concentrating on overseeing products.
Months ago, Elon Musk had promised to leave his post as CEO of Twitter, if someone “foolish enough” to take on the job and replace him. This has now become a reality with the latest announcement. Last year, Elon Musk contemplated resigning from his position after a Twitter poll he posted revealed that the majority of participants (57.5%) wanted him to step away from leading the company.
Following Twitter’s acquisition by Musk in October, numerous changes were implemented. To keep costs down, a drastic reduction of the company’s 7500-strong staff has taken place – causing some to worry that Twitter may not be able to continue running its platform.
Musk has been focused on reviving the subscription model of the platform to help balance out its ad-based revenue. This will improve the platform’s overall financial standing. With Twitter’s new subscription, you can get account verification in exchange for an annual payment of $96. It is a one-time investment of $8 each month.
To reduce the possibility of someone posing as a well-known public figure, Twitter previously used to verify them on an individual basis. This enabled them to verify their identity and also confirm that they were who they said they were.
Last month, Twitter partially altered the subscription rules and allowed a few legacies accounts to remain verified, among them those related to basketball star Lebron James and author Stephen King.