Musk bought Twitter for $44 billion last year.
Chief executive officer of Twitter – Elon Musk – said yesterday that the end of this year would be a good time to find a new head for the microblogging platform. Musk was speaking virtually at the World Government Summit in Dubai.
According to a Reuters report, the Twitter CEO said he needs to stabilize the company and make sure it is in a financially healthy place with a clear product roadmap before hiring a new person to lead the platform. He added that Twitter should be in a stable position around the end of this year, and then it would be a good time to find someone else to take up the job.
In December Musk said that he would resign from the post of Twitter’s chief as soon as he finds “someone foolish enough to take the job!” His comments came after the Twitter poll, in which Musk asked if he should step down as the company’s head, concluded with over 57% of people voting for him to step down as the CEO.
Musk, who is also the head of Tesla, bought Twitter for $44 billion last year. It is no surprise that the social media company has been since reeling financially as it introduced several cost-cutting measures including laying off several of its employees.
Following Musk’s takeover, the Blue Bird has managed to garner regular headlines about its weakening content moderation policies, a surge in fake accounts, and re-activation of accounts of some controversial celebrities. Since the change in ownership, Twitter is also fighting to retain advertisers, and last year launched Twitter Blue with the view of growing revenue.
Twitter is also undergoing several legal proceedings relating to non-payment of rent for its offices and other services acquired by the company. Earlier this month, Innisfree, a U.S.-based advisory firm, sued Twitter for not paying bills worth $1.9 million for its services rendered in acquiring the microblogging platform.
The company was sued last year by a private jet company for non-payment of $197,725 for flights taken by a former executive during the closing of the Twitter acquisition deal, the NYT reported. The social media platform is also facing a lawsuit in London over its failure to pay rent, the report added.
