Elon Musk announced Thursday that Twitter will have a new CEO and that he will transition to a product and technical position.
Musk announced on Twitter that the new CEO, whom he did not name, would begin work in around six weeks. According to CNBC’s Julia Boorstin, who cited sources, NBCUniversal global advertising chair Linda Yaccarino is in advanced talks for the post.
He went on to say that he would shift “to being executive chair & CTO, overseeing product, software, & sysops.”
Tesla shares increased more than 2%, indicating that investors were satisfied with the decision.
Several Tesla investors were concerned that Musk was too preoccupied with Twitter and that he should devote more time to leading the electric vehicle company, where he also serves as CEO. In April, a group of progressive Tesla shareholders openly pushed Tesla’s board to ensure Musk devotes more time to the automaker.
Musk, who is also the CEO of SpaceX, finalized the $44 billion acquisition of Twitter in October and instantly made his imprint there. He let go of the company’s top executives and laid off hundreds of workers.
Twitter’s core advertising business has struggled under his leadership. multiple corporations discontinued their paid promotional activities as the social messaging service experienced a spike in inappropriate speech and vile rhetoric, according to multiple advocacy groups. However, potential new CEO Yaccarino is a well-connected and experienced advertising executive who might help Twitter grow its ad revenue.
Musk has attempted to compensate for the decline in ad revenue by launching Twitter Blue, a new membership service that includes features like as the ability to create longer tweets. In April, the business deleted so-called “legacy” blue checkmarks from non-paying users whose identities had been verified, allowing potential impostors to enter. Government and some corporate accounts will continue to be verified using a different set of symbols in silver and gold, respectively.
He has also reinstated previously banned users and courted political controversy by claiming that the media is biased against white and Asian people.
Twitter has also experienced multiple technological problems and disruptions during Musk’s term as CEO, some of which coincided with huge layoffs that he justified as vital for the company’s financial health.
Tucker Carlson, a right-wing TV talk show personality, revealed earlier this week that he would host a new show on the platform after being dismissed by his old employer, Fox News.
