“My role will transition to Executive Chairman and Chief Technology Officer, overseeing products, software and computers,” he added in a tweet.
However, he 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.
He quickly fired Parag Agrawal, the former CEO of Twitter, and other top executives before laying off half of his staff in November.
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