Owner or Twitter and Tesla CEO Elon Musk has announced that he'll be handing over stewardship of the popular social media platform to a mysterious new CEO. According to Musk, "she will be starting in [approximately] 6 weeks," and her coming will make Musk's new role "[executive] chair & CTO, overseeing product, software & sysops."
At the time of this writing, it's been exactly one hour since Musk told the world that Twitter would have a new CEO. In that time, the price of Tesla (TSLA) stock started to climb significantly.
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Tesla stock gained overall traction of more than $3 a share by the closing of the market. The rise in the price is undoubtedly an indicator Tesla buyers are feeling more confident about Musk's priorities.
Musk has his CEO hands in several cookie jars -- Twitter, Tesla, and SpaceX seem like a lot to juggle. Less than a month before the announcement, a group of Tesla shareholders wrote a letter expressing their concerns regarding Musk's divided attention.
"Corporate boards can and should intervene if a chief executive appears to be distracted or overly focused on other ventures. Yet, the Board has permitted Elon Musk to run multiple companies, leading to an inability to address the multiple strategic and competitive issues facing Tesla," reads the letter.
This came a week after Tesla reported its weakest profit margin in more than two years while adjusted earnings fell more than 20% year over year. The letter estimates that Tesla has lost nearly $600 billion in market cap since Musk's Twitter takeover in April of 2022.
