Elon Musk said on Thursday that he has chosen a new CEO to take over Twitter, months after promising to stand down.
According to Musk, the new CEO will take over at Twitter Inc., which just changed its name to X Corp., in the coming weeks. He did not provide his name.
Elon Musk Found New CEO for Twitter
The Wall Street Journal, citing sources, stated that NBCUniversal’s chief of advertising, Linda Yaccarino, was in negotiations for the role.
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.
Musk, who has had a rocky rule as “Chief Twitter” since purchasing the firm in October, announced his intention to become Twitter’s executive chair and chief technology officer, controlling product, software, and system operations.
Elon Musk conducted a poll on the platform in December asking people if he should stand down as CEO of Twitter, with the majority of users voting in favor.
He first stated that he would follow the poll’s findings, but then stated that he would hand up the position “as soon as I find someone foolish enough to take the job!” He stated again in February that he intended to find a replacement before the end of the year.
Musk has been criticized for a series of policy changes at Twitter, many of which occurred without explanation and prompted worries about the impact on users.
He has also been trying to convince advertisers to return to the platform after many left due to worries about nasty behavior on the site, large layoffs at Twitter, or uncertainties about the company’s future. Simultaneously, he has been attempting to sell consumers on a new premium membership model that includes the possibility to pay for a blue verification check mark but has had minimal success thus far.
Musk, who also leads or is engaged in a number of other firms, including Tesla (TSLA), has faced criticism from Tesla (TSLA) shareholders who believe he is distracted by Twitter.
Musk recently stated that Twitter is “trending to breakeven,” despite earlier stating that the company was on the verge of bankruptcy. The business’s new CEO will now be entrusted with attempting to turn around the faltering company and assist Musk in recouping part of the $44 billion spent acquiring the platform.
Even as Musk prepares to step down as CEO, he will likely retain major control over the company’s future path. Musk took over the firm in October, removing the C-suite, dissolving the board, and becoming both CEO and sole director of the platform.
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