On Friday, Elon Musk, the billionaire entrepreneur, announced via Twitter that Linda Yaccarino, a former top advertising sales executive at NBCUniversal, will take over as the new CEO of Twitter.
Musk revealed that he would assume the role of executive chair and CTO at Twitter, focusing on product design and new technology, while Yaccarino will primarily focus on business operations.
Musk’s acquisition of Twitter last year was met with some resistance from the social media platform’s board. However, he pushed through and closed the deal in October 2022. Since then, Twitter’s advertising business had reportedly cratered by as much as 50%, according to Musk.
Yaccarino’s appointment as CEO is an attempt to rebuild Twitter’s advertising business. Advertisers have been cautious about investing in Twitter due to Musk’s unpredictable decisions and his decision to reinstate thousands of formerly banned Twitter accounts.
Despite the challenges ahead, Musk is optimistic about the future of Twitter, stating that he and Yaccarino will work together to transform the platform into “X, the everything app.” With Yaccarino at the helm, Musk hopes that Twitter will be able to regain its footing in the advertising market and continue to grow as a social media platform.