The daily business briefing: May 12, 2023

Musk says he's stepping aside as Twitter's CEO, PacWest shares plunge as concerns about regional banks continue, and more

An iPhone with Elon Musk's Twitter account
Elon Musk says he's stepping aside as Twitter's CEO
(Image credit: CHRIS DELMAS/AFP via Getty Images)

1. Musk stepping down as Twitter CEO

Elon Musk said Thursday that a new CEO will take over Twitter in six weeks. When the new leader, an as-yet unnamed woman, starts the job, Musk plans to transition "to being exec chair & CTO." NBCUniversal head of advertising Linda Yaccarino reportedly is in talks on taking the job. Twitter has lost advertisers as Musk eased content rules and offensive posts increased. The Twitter leadership change cheered Tesla investors, many of whom had expressed concern that Musk's purchase of Twitter last year and his hands-on leadership of the social media platform was distracting him from his duties as CEO of the electric-car maker. Tesla shares jumped more than 2 percent.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.