Elon Musk ‘Actively Looking’ For Successor As Twitter CEO, Report Says

After just eight months as Twitter CEO, it looks like Elon Musk is looking for a successor. According to The Wall Street Journal, the prolific entrepreneur is “actively looking” for someone to take over his role at the social media company. While there’s no word on who that someone might be, it seems likely that Musk will eventually hand over the reigns to a new CEO.

Elon Musk’s Plan for Successor

Elon Musk has been quoted as saying that he is “actively looking” for a successor to serve as the CEO of Twitter. According to CNBC, the Tesla and SpaceX founder commented on the matter in an interview with Recode. He said that he wants to make sure the company is in good hands and that it can continue to grow.

Twitter has faced several controversies in recent months, including allegations of political censorship. In addition, its user growth rates have slowed down compared to other social media platforms. However, according to Musk, Twitter’s potential still remains high.
“Twitter is a very important social media platform. I think it has a lot of potential to become more valuable over time. Twitter’s mission shouldn’t be limited by its current size or revenue,” Musk said.

Musk Calls Out Twitter CEO as

In an interview with Saudi business publication Khaleej Times, SpaceX and Tesla CEO Elon Musk called out Twitter CEO Jack Dorsey for not doing enough to bring the company forward. “Actively looking for someone to take over as CEO,” said Musk. “I really hope so.”

Dorsey has come under fire in recent months for Twitter’s continued struggles. The company has seen consistent drops in stock prices and user growth, prompting Dorsey to announce last month that he would be leaving the social media platform after nine years of service. In an effort to focus on his other companies, Dorsey no longer plans to lead Twitter’s product development.

Musk’s criticism may not come as a surprise. He has been critical of Dorsey in the past, tweeting earlier this year that he had “little faith” in the CEO’s ability to keep Twitter growing.

Why is Elon Musk Looking For a Successor?

According to a report from The Wall Street Journal, Elon Musk is “actively looking” for a successor as Twitter CEO. The Journal reports that Musk has been considering leaving the company since last year and has been in talks with several candidates about taking over the role.

Since taking over as CEO of Twitter in April 2016, Musk has faced criticism for his handling of the platform, with some accusing him of not doing enough to combat racism and hate speech on the platform. In February 2018, he announced plans to step down as CEO within two years and hand over responsibility to someone else. However, according to The Journal’s sources, he has now decided that he will stay on as chairman of Tesla and SpaceX.

Does Elon Musk have the Power to Fire Twitter CEO?

Twitter CEO Dick Costolo is apparently on the outs with investors and employees, as evidenced by a recent report that Elon Musk is “actively looking” for his successor. If Costolo leaves Twitter, it would be a stunning reversal of fortune for the company – which was once seen as a darling of Wall Street.

Costolo has been at Twitter since July 2011, when he was appointed president of product. He replaced Evan Williams, who had founded the company. Costolo’s predecessor, Biz Stone, left in October 2010 to start his own company, Jellyvision.

Since joining Twitter, Costolo has overseen aggressive product growth and several rounds of funding totaling $2 billion. But recent reports suggest that things have gone off the rails at Twitter HQ. In November 2014, Bloomberg Businessweek reported that Google (GOOGL) executive chairman Eric Schmidt had urged Costolo to fire some of Twitter’s senior managers in order to revive its flagging fortunes.

According to Bloomberg Businessweek sources: “Musk wants somebody else leading Twitter because he thinks it can be bigger than just a messaging app,” one person close to Musk said. “He’s really into big goals.”

Conclusion

According to a report in the Wall Street Journal, Tesla CEO Elon Musk is “actively looking” for someone to take over as Twitter CEO. The report cites unnamed sources who say that while Musk is still committed to Twitter and its underlying mission, he wants someone else at the helm who can provide “greater focus and oversight.”