Tesla stock pops after Musk picks new Twitter CEO

Tesla (TSLA) stock ticked higher on Friday after Elon Musk announced he had hired a new CEO for Twitter without naming the person.

“Excited to announce that I’ve hired a new CEO for X/Twitter,” Musk, the current CEO of Twitter, said in a tweet. “She will be starting in ~6 weeks!”

Musk’s role will “transition to being exec chair & CTO, overseeing product, software & sysops,” he wrote.

The tweet sent Tesla stock 2% higher just before the market closed on Thursday. Shares of Tesla popped more than 2% on Friday morning too, despite a wide-ranging recall in China due to a braking and acceleration defect.

Musk first made his bid for Twitter on April 14, 2022. Tesla shares closed the day at $333. Since then, the stock has lost nearly half of its value as Musk has sold off shares to pay for his new social media platform. The official $44 billion purchase closed in October, and Wall Street has been hyperfocused on the “Twitter overhang” weighing down Tesla’s stock since.


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This article was written by and originally published on finance.yahoo.com