Tesla (TSLA) stock received a boost after CEO Elon Musk announced he had hired a CEO for Twitter, enabling him to spend more time on Tesla's product development. The announcement was well-received by investors, with the automaker's share price increasing by approximately 1% or $5 billion worth of valuation.
Musk's acquisition of Twitter had initially negatively impacted Tesla's stock, as he had to sell tens of billions of dollars worth of shares to acquire the social media platform. Additionally, concerns had arisen that Musk would have to spend a significant amount of time on Twitter, potentially detracting from his focus on Tesla.
However, the hiring of a new CEO for Twitter will alleviate these concerns, allowing Musk to step down from his role as CEO next month and focus more on Tesla's product development. While he will remain involved with Twitter as executive chair and CTO, the move implies that he will spend less time on the social media platform and more time on Tesla.
Musk had been searching for a new CEO for Twitter since last year, and the announcement of the hire was met with celebration from investors. The move is seen as a step in the right direction for Musk, who has been criticized for his recent lack of focus on Tesla.
Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in ~6 weeks!My role will transition to being exec chair & CTO, overseeing product, software & sysops.— Elon Musk (@elonmusk) May 11, 2023
Overall, the news of the Twitter CEO hire bodes well for Tesla's future, as it suggests that Musk will be able to devote more time and energy to the company's product development. With the recent boost in stock price, investors are optimistic about Tesla's prospects going forward.
Armen Hareyan is the founder and the Editor in Chief of Torque News. He founded TorqueNews.com in 2010, which since then has been publishing expert news and analysis about the automotive industry. He can be reached at Torque News Twitter, Facebok, Linkedin and Youtube.
