Elon Musk, who has been the CEO of Twitter since its acquisition in October 2022, announced today that he will step down as CEO.
Musk will next serve as chief executive officer and chief technology officer to oversee product, software and systems operations.
Twitter's new CEO is yet to be announced, but Musk said he will take the job in about six weeks. According to Musk's tweet, the new CEO of Twitter will be a woman.
The announcement comes after a turbulent period for Twitter, led by Musk. Musk had previously conducted a survey on whether he should resign as Twitter CEO, and as a result, Twitter users wanted Elon Musk to resign.
Despite the concerns, Musk said he was determined to make Twitter a better platform for free speech.
Musk's announcement caused volatility for the cryptocurrency Dogecoin, which he frequently supports on Twitter. After the news of his resignation, Dogecoin lost approximately 1% in value within seconds, but then returned to its previous level.
*Not investment advice.