Twitter ceo6/17/2023 ![]() ![]() ![]() Musk bought Twitter for $44 billion last October and indicated that he’d only be in charge for a limited time to complete the organizational overhaul he thought the company needed to prosper. “She’s going to have to do something to make sure that everything is hunky-dory from an operations standpoint.” “She’s probably just what Elon needs to establish trust among advertisers,” said Martin Sorrell, chairman of S4Capital Plc and former CEO of WPP Plc. At NBC, Yaccarino helped launch the ad-supported streaming service Peacock and has led partnerships with a variety of tech companies, including Snapchat, YouTube, and, of course, Twitter. Despite a slight uptick in daily users since early 2022, Twitter’s revenue has fallen by 50% since October as a result of a “massive decline” in advertising, Musk said in March. ![]() Yaccarino may be in a unique position to deal with the fallout from Musk’s takeover of Twitter last year. “Looking forward to working with Linda to transform this platform into X, the everything app.” The billionaire said he will become chief technology officer and executive chairman. “I am excited to welcome Linda Yaccarino as the new CEO of Twitter!” Musk posted in a tweet Friday after NBCUniversal announced her departure. JPMorgan Asset Says Markets Are Right to Bet on US Rate Cutsĭebt-Limit Talks to Intensify as Biden Set to Depart for Japan Mercedes Sets Out to Make Sexy Vans With Yacht-Like Interiors Here’s How Much Wealth You Need to Join the Richest 1% Globally He also cofounded rocket firm SpaceX, tunneling startup Boring Company and neural interface firm Neuralink.(Bloomberg) - NBCUniversal advertising chief Linda Yaccarino is taking the helm at Twitter, where she will confront an exodus of marketers who have left the social-media platform since Elon Musk took over. Large portions of Musk’s wealth is tied to Tesla, which he cofounded and leads, though a notable portion of his Tesla stock has been pledged as collateral for loans. He is the second richest person in the world, behind French luxury goods magnate Bernard Arnault and ahead of Amazon founder Jeff Bezos. That’s Musk’s estimated net worth, according to Forbes’ real time tracker. It’s not clear whether Yaccarino, or whoever succeeds Musk, will retain Musk’s controversial changes, particularly regarding content moderation, or will move back toward the platform’s former policies. Musk, who has reportedly faced pressure to back away from Twitter from shareholders at his electric car maker Tesla, whose shares have plummeted since the Twitter deal, said his role will transition to that of executive chair and chief technology officer once the new CEO starts. A key challenge lies in regaining the trust of advertisers, many of whom cut or suspended ad spending on Twitter when Musk weakened content moderation. Twitter’s new CEO comes at a time of change for Twitter, following months of drastic remodeling by Musk, a great deal of which soured the attitudes of users and advertisers alike. He said his successor-partially identified with the pronoun “she”-would start in around six weeks. On Thursday, Musk tweeted he was “Excited to announce that I’ve hired a new CEO,” though he did not name his successor. Musk frequently used polls when making significant decisions early on in his Twitter tenure and following one in December that narrowly indicated he should step aside as CEO, he said he would search for a replacement. He has drastically cut headcount-it has reportedly dropped by around 80% to 90% of its former level-and overhauled content moderation to favor a more absolutist approach to free speech, a move that irked companies, advertisers and high profile users. Musk assumed the mantle of chief executive as soon as he took over and immediately set about firing senior leadership, including then CEO Parag Agrawal. Musk purchased Twitter for $44 billion in October 2022 and his tenure at the company’s helm can generously be described as turbulent. The executive’s connection to a pandemic-era vaccination campaign has also bothered proponents of Twitter’s more liberal content moderation policies, many of whom fear Yaccarino could bring back the stricter bars for misinformation that they struggled to clear before Musk did away with them. ![]()
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