Dubai, United Arab Emirates - In December 2022, Elon Musk let Twitter users vote whether he should step down as CEO, with the majority of the 17.5 million participants opting for a change in leadership. Now, the billionaire says he will follow up with action by the end of the year.

Musk considers the end of 2023 an opportune time to leave the leadership of Twitter to a new CEO, according to Business Insider.

Bloomberg shared footage of the World Government Summit (WGS2023) in Dubai, which Musk joined by video to speak about the future of Twitter.

"I need to stabilize the organization and just make sure it's in a financially healthy place," Musk said via remote video link.

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Musk took over the social media platform in October 2022 and has been searching since December for a successor "foolish enough" to succeed him.

"I’m guessing toward the end of this year should be a good timing to find someone else to run the company," he added at WGS2023.

"I think it should be in stable condition around the end of this year."

It's not yet known whether Elon Musk has a specific person in mind to succeed him, so it hasn't been ruled out that a Twitter founder or former CEO could make a comeback.

The billionaire on Wednesday tweeted about a potential candidate for the job: his pet Shiba Inu named Floki. "Twitter's new CEO is amazing," he wrote along with the pic.

The pup seems to be sitting at a large desk in front of a stack of official company documents. On the signature line, there is simply a paw print.