Elon Musk, a crypto enthusiast and owner of Twitter an open chat space for crypto traders, announced on May 12 that a new Chief Executive Officer would be taking charge within 6 weeks. Though Musk didn’t reveal the name of the hired CEO, later, it was identified that Musk has been in discussion with Linda Yaccarino, the Chairman of global advertising and partnerships at NBCU, to be designated as the new CEO of Twitter.
In a Twitter thread shared today, Musk declared that upon the arrival of the new CEO, Musk would become the executive chair as well as the Chief Technology Officer (CTO), “overseeing product, software & sysops”:
Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in ~6 weeks!
— Elon Musk (@elonmusk) May 11, 2023
My role will transition to being exec chair & CTO, overseeing product, software & sysops.
Attaining the ownership of Twitter for $44 billion, Musk announced that he would resign after finding a suitable person. He stated:
I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams.
Though there were many names in the discussion, including former Yahoo CEO Marissa Mayer, former YouTube CEO Susan Wojcicki, and a top executive Shivon Zilis, according to the people familiar with the matter, Elon Musk has found the most suitable person for the position, who could help Musk in attaining his aim of transforming the app into the “everything app”.
On November 4, Musk proclaimed that the platform has exhibited a huge fall in its revenue, adding:
Twitter has had a massive drop in revenue, due to activist groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists.
In relation to the claim, the people familiar with the matter commented that Yaccarino could be Elon’s best choice to tackle the losses with the former’s extensive experience in the field of advertisement.
Though Twitter is not a crypto platform, it plays a key role in the crypto industry, with a majority of crypto-related discussions taking place on Twitter’s crypto community. Moreover, Musk is a crypto enthusiast who sometimes creates waves in the crypto community with his tweets regarding cryptocurrencies, especially Dogecoin and Bitcoin.
