Musk has not yet revealed the identity of his new CEO. He has slashed around 70 percent of Twitter’s staff since buying the firm for $44 billion, including its entire executive team.

Musk is also the CEO of Tesla and rocket maker SpaceX.

Shortly after the announcement, Tesla’s shares reportedly jumped more than 2 percent, in a sign that investors were pleased about the move.

A group of shareholders publicly urged the board in April to ensure that Musk dedicated more time to the company.

The letter said they had become ‘increasingly concerned with governance and leadership issues at the company.’

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