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Elon Musk, the CEO of Twitter, hinted on Thursday that the social networking business had a new CEO, but he withheld the identity of the unnamed candidate. “I’m happy to report that X/Twitter has a new CEO. She will begin in around 6 weeks! My position will change to that of the executive chair and CTO (chief technology officer), managing the company’s software, hardware, and operations, he tweeted.

SEE ALSO: Meet Linda Yaccarino, The Mystery Woman Who Will Be Replacing Elon Musk As The New Twitter CEO

While the reason for Musk’s decision to resign as CEO around seven months after his $44 billion purchase is unknown, rumors say that it may have something to do with the billionaire’s desire to concentrate on his other two businesses, Tesla and SpaceX.

His automobile firm had a 2% increase in share price just after his major statement on Thursday, suggesting that investors approved of the decision. Tesla shareholders expressed their worries about Musk’s increasing attention to Twitter earlier in April. They said in a letter that they were “continuously anxious about governance and leadership challenges at the firm.”

SEE ALSO: Elon Musk Confirms That Twitter Is Working On Calling And Encrypted Messaging Features Amid WhatsApp Security Chaos

NBCUniversal advertising executive Linda Yaccarino may leave her position and take on the new one, according to persons familiar with the situation who spoke to the Wall Street Journal. Musk cleverly omitted the name of his prospective successor. But Twitter is also embracing a slew of new features now that it has a new CEO. It just introduced encrypted texting, enabling users to send and receive messages more securely. Musk issued a warning in a tweet as the business announced its start, saying, “Try it, however, don’t trust it currently.”

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