Elon Musk made the announcement in a tweet on Thursday.
In this Jan. 27, 2023, file photo, Elon Musk is shown in Washington, D.C.Elon Musk has chosen a new CEO of Twitter and plans to step down from the role within about six weeks, the billionaire entrepreneur said on Thursday.
The announcement comes months after Musk pledged in December to step down as the head of Twitter as soon as he found someone "foolish enough to take the job." After acquiring Twitter in October, Musk made major changes to the company and its platform. In an effort to significantly slash costs, the company has cut roughly 75% of its 7,500-person workforce, raising concerns about Twitter's capacity to maintain its platform.
Musk has also sought to rejuvenate the platform's subscription offering as a means of supplementing its advertising revenue. Under Twitter's new subscription, users gain access to account verification -- the site's signature blue checkmark -- for an $8 monthly fee, which amounts to $96 per year.
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