Elon Musk said Twitter's hunt for a new CEO is nearing an end and it could be finalised toward the end of this year.

The microblogging platform which was bought by Elon Musk in October after a deal valued at $44 billion has been seemingly gasping for breath with its revenues dropping and a drastic scale-down of staff hampering its prospects.

A desperate Musk, who promised to rid the microblogging site of the 'hellscape', having failed to ensure smooth sailing, proposed naming someone to take over day-to-day management of the social media platform.

“I’m guessing probably towards the end of the year,” he said on Wednesday when asked about a Twitter CEO succession plan as he spoke remotely at the World Government Summit in Dubai.

He termed the move as a part of the rebuilding measure for the struggling unit, a WSJ report said. 

“I think I need to stabilise the organisation and just make sure it’s in a financially healthy place and that the product road map is clearly laid out,” he said, adding “it should be in a stable position around the end of the year.”

Twitter has seen a tumultuous period since Musk took over. He was quick to admit the fact. “Twitter is certainly quite the roller coaster,” he said at the annual gathering of government officials and business leaders that is sponsored by Dubai’s government.

Soon after its acquisition, Musk fired Twitter’s CEO Parag Aggarwal and other top executives. He then trimmed Twitter’s staff to roughly 2,000 from nearly 8,000 as part of drastic cost-cutting efforts. 

Barely days ago, Musk declared measures for Twitter to roughly break even this year as he cuts costs, though revenue also has been falling. Musk had raised the possibility of a Twitter bankruptcy amid a sharp drop in digital advertising on the platform in November last year. 

To compensate for the ad revenue drop, Musk, who has been pushing to build up Twitter’s subscription revenue, has introduced a higher-priced subscription service.

Twitter has undergone some changes in the form of other platform features, a new algorithmic-based feed, rebranded with the TikTok-esque name “For You,” which recommends content to users that isn’t only from accounts they follow.  Musk has been trying to woo users with slightly different experience on Twitter than some say they have on TikTok, the popular short-video app.

“I often hear people say, Well, I spent two hours on TikTok, but I regret those two hours,” he said. “We don’t want that to be the case with Twitter,” he said. “We want to say, like, OK, you spent half an hour on Twitter, but you found it to be useful, entertaining, and a good thing in your life," Mush added.

Musk said buying Twitter was part of a plan to accelerate the development of something he described as a far-reaching system of digital tools.

He also said artificial intelligence may require regulation. The technocrat, who had a hand in OpenAI, the research lab behind the viral ChatGPT chatbot, before leaving the effort, has for years called for regulation of artificial intelligence citing potential dangers from the technology.

He sounded a warning about AI acceleration. “ChatGPT has illustrated to people just how advanced AI has become,” he said.  Musk spoke about the fear of societal risks as AI evolves and becomes more sophisticated. 

“I think we should be quite concerned about it, and we should have some regulation of what is fundamentally a risk to the public,” he said.