Elon Musk is still planning to pass his role as Twitter CEO by the end of 2023, but first needs to “stabilize” the social media platform.
In a video conference call during the World Government Summit in Dubai, the billionaire CEO said he wants to make sure the company is in a financially healthy place and its product roadmap is “clearly laid out” before he ends his term.
"I'm guessing probably towards the end of this year should be good timing to find someone else to run the company because I think it should be in a stable position around the end of this year,” he added.
Musk acquired Twitter for $44 billion last October, taking on the duty of running the platform as its CEO. Since then, he has made major changes to the company by slashing its workforce and altering its app features, receiving backlash from Twitter employees and users alike.
The app’s top 1000 advertisers have decided to pull back on spending since Musk’s acquisition, with its monthly revenue from October to the end of January dropping from $127 million to $48 million.
Last December, Musk made a Twitter poll asking users whether he should step down as CEO. With over 17.5 million voters, 57.5% have voted “yes.”
"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," Musk tweeted once the results were in.
In the same month, sources told CNBC that Musk had since been actively looking for someone to take over as his successor.