Elon Musk says that he has appointed a new chief executive to lead Twitter.
He announced the news on the social media platform, which he bought last year for $44bn.
Mr Musk did not name the site’s new boss but said “she” would start in six weeks, at which point he would become executive chairman and chief technology officer.
He has been under pressure to name someone else to lead the company and focus on his other businesses.
Last year, after Twitter users voted for him to step down in an online poll, he said: “No one wants the job who can actually keep Twitter alive.”
However, although Mr Musk had said he would hand over the reins, it was by no means clear when or even if it would happen.
Tesla shares rose after the announcement. Mr Musk has previously been accused by shareholders of abandoning Tesla after his takeover of Twitter and damaging the car company’s brand.
According to two US media reports, NBCUniversal’s head of advertising Linda Yaccarino was in talks to become the chief executive of Twitter. The Wall Street Journal and Variety cited people familiar with the matter.
It is sometimes difficult to know when the billionaire and owner of Twitter is being serious.
But if Mr Musk has indeed appointed a female executive, it would make her one of the few women to reach the top of a major technology company.
Women accounted for fewer than 10% of chief executives of tech firms included in America’s 500 biggest companies last year.
Although Mr Musk has talked about paid subscribers to Twitter Blue, it is advertising that brings in the vast majority of revenue at Twitter.
The new boss will no doubt seek to improve relationships with advertisers, and smooth their fears over content moderation.
Mr Musk, a self-proclaimed free speech absolutist, has said he took over Twitter to protect free speech. However advertisers do not want their content next to misinformation or extremist content.