“My role will transition to Executive Chairman and Chief Technology Officer, overseeing products, software and computers,” Musk added in a tweet.
In his tweet, which he posted on his official Twitter account, Musk did not mention the candidate’s name.
The move should ease concerns from Tesla investors, who are increasingly concerned about how long Musk is spending making changes to Twitter.
Tesla shares jumped 2.4% on the news.
Musk said in November that he planned to cut back on his time on Twitter and eventually find a new CEO to run the social media company.
The first two weeks after purchasing the Twitter mask in October saw rapid change.
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