Tesla (TSLA) shares jumped by a few billion dollars worth of valuation as Elon Musk announced he found a CEO for Twitter.

The automaker’s share price took a big hit from Elon Musk’s acquisition of Twitter.

Directly as Musk had to sell tens of billions of dollars worth of Tesla stocks to acquire the social media platform, but also indirectly through diminishing confidence in the automaker as its CEO had to spend more time on “fixing Twitter.”

Musk has said that he has been looking for a CEO for the social media platform since last year, but he didn’t have much success.

Today, he announced that he has found a replacement, and he will be stepping down from his role of CEO next month:

He hasn’t named the replacement, but he confirmed that he will stay involved at the company has executive chair and CTO, which implies that he will still spend a lot of time at Twitter.

Nonetheless, it gave Tesla’s share price a boost – jumping about 1% or $5 billion worth of valuation after the announcement.

Electrek’s Take

If I was to bet, I’d bet that Musk will still spend a lot of time on Twitter regardless of whether or not he is CEO, but I guess it is a step in the right direction.

There’s no doubt that he has been spending less time at Tesla lately, and he seems a lot less interested in the company since the Twitter acquisition.

It has had an impact on Tesla’s stock I am sure, but nowhere near the impact of selling billions worth of shares that Tesla investors won’t see back I assume.