In his recent tweet, Twitter CEO Elon Musk declared that he had chosen a new CEO for the company. However, Musk didn’t specify the name of the person assigned to this role.
Rumors and discussions suggest that it’s going to be Linda Yaccarino, the NBC Universal Head of Advertising. Musk has also declared that he’ll serve Twitter as the Executive Chair and Chief Technology Officer going forward.
My role will transition to being exec chair & CTO, overseeing product, software & sysops.Elon Musk, Twitter CEO.
According to Musk, the new CEO will probably take over the role in the next six weeks. Previously, Musk proposed that by the end of 2023, he would leave the chair of CEO and get someone to handle the role.
However, he wanted to back his opinion with the results of a poll asking if Elon should continue as the CEO of the organization. At that time, Musk hasn’t proposed the names of the potential candidates either.
A Step to Pacify Tesla Investors
It’s being said that Musk’s call to deploy a new CEO for Twitter may pacify the investors of Tesla. They have shown repeated concerns about the fact that Musk’s engagement with Twitter operations is somehow pushing him to ignore his role as Tesla’s CEO.
After Elon Musk announced that he would replace him with someone to handle the responsibilities of Twitter, Tesla shares have seen an unprecedented surge.
When leading Twitter, Musk has debatably tweaked and altered the platform’s features, policies, and terms.
Those changes triggered uncountable concerns and disputes.
Consequently, numerous giant advertisers discontinued spending on the network, which led to a significant revenue drop.
To overcome that gap, Musk launched a redesigned and costlier subscription – Twitter Blue.
The said subscription claims to enable users to buy verification batches while putting the old legacy verified check marks of the platform on backfoot. In the Musk era, Twitter has called off deploying its trust and safety council.
What’s more, the platform brought back previously banned users like Rep. Marjorie Taylor Greene and former president Donald Trump. This move also created a buzz among critics who started to claim that Elon is deliberately harming the sustainable and free environment of Twitter.
The Takeover and Layoffs
Musk took over Twitter in October 2022 in a $44 billion deal. The initial offer to purchase the platform came out in April last year. After acquiring Twitter, Musk didn’t delay laying off its former CEO, Parag Agarwal.
Musk went ahead to expel other executive leaders and almost 50% of Twitter staff members in November 2022.
These significant layoffs have been criticized hard, and Musk’s ability to keep up the platform’s popularity and efficiency has been questioned repeatedly.
However, Musk is seemingly resistant to disputes and criticisms – he continues to dodge the raised concern with his usual humorous and sarcastic responses.
From his new announcement, it’s clear that Musk won’t continue to be the Twitter CEO, but he’ll still own the organization.
Recently, Musk changed Twitter’s name to X, and he’s pretty excited to achieve his aspiration to turn the platform into “the everything app.”