Elon Musk’s latest power move at Twitter is hiring Linda Yaccarino, the former NBCUniversal advertising head, as the new CEO. Announced six months after Musk’s contentious takeover of the microblogging platform, Yaccarino’s appointment marks an important turn in the company’s journey, particularly considering its ongoing struggle for profitability.
Yaccarino, set to take the reins in six weeks, will primarily oversee business operations. Musk, however, will continue to exert influence in his roles as executive chairman and chief technology officer. A cryptic tweet from Musk suggests an ambitious plan to morph Twitter into ‘X,’ a comprehensive application catering to a broad spectrum of user needs.
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Purchasing Twitter for $44bn last year, Musk has faced mounting pressure to delegate the company’s leadership and refocus his energies on his other ventures, including electric vehicle manufacturer Tesla and aerospace manufacturer SpaceX. In a tech industry where women lead less than 10% of Fortune 500 companies, Yaccarino’s ascent provides a refreshing exception.
Yaccarino, who climbed the corporate ladder of America’s media giants, hails from an Italian-American background. She spent 15 years at Turner Entertainment before moving to NBCUniversal, where she managed approximately 2,000 employees and played a vital role in launching its streaming service.
Throughout her career, Yaccarino has demonstrated a knack for fostering strategic partnerships with big brands, securing product placement deals, and encouraging them to advertise alongside edgy TV shows. Her professional network extends into new media spaces, including Apple News, Snapchat, and YouTube.
Known for her relentless work ethic, Yaccarino’s expertise in advertising may prove invaluable in reversing Twitter’s declining ad sales since Musk’s takeover. Recognized for her resolute negotiating style, Yaccarino, dubbed the “velvet hammer” by Wall Street Journal, is expected to uphold her stance in the face of challenges.
However, she inherits a platform grappling with profitability issues and controversy over misinformation management and hate speech handling. Musk’s initial plans for Twitter included reducing its reliance on advertising, modifying content moderation, and broadening its functionalities. Yet, these actions stirred criticism and apprehension among advertisers, leading to a significant reduction in spending on the platform.
Despite acknowledging revenue decline, Musk recently claimed that companies are resuming their spending. Yaccarino had previously questioned Musk’s measures to assure advertisers that their brands would not be exposed to unnecessary risks.
The appointment of Yaccarino, whose political leanings reportedly veer towards conservative, has sparked skepticism on social media. Despite the uncertainty, the industry will keenly observe how Yaccarino’s leadership shapes Twitter’s future, especially with the approaching 2024 US Presidential election.
This information is based on a press release from bbc.