Elon Musk has announced that he has identified a new CEO for Twitter. Elon Musk did not say who will fill the position, but The Wall Street Journal is now reporting that NBCUniversal Head of Advertising Linda Yaccarino is “in talks” for it.
Musk revealed in a tweet that he will step down as CEO of the social network to become executive chair and chief technical officer. According to Elon Musk, the new CEO will start in six weeks.
Elon Musk paid $44 billion for the social network in October after initially offering to buy it in April 2022.
Musk took over as CEO once the transaction was completed, and he promptly fired Twitter’s previous CEO, Parag Agrawal, and other corporate leaders. In November, he fired half of the social network’s employees.
Elon Musk previously stated that he intended to stand down as CEO and select a new CEO by the end of 2023, and that he would honour the results of a vote asking whether he should continue to lead the company. He has not, however, previously announced any potential candidates.
Musk has dramatically altered Twitter’s regulations and features during his tenure as CEO, causing numerous major advertisers to pause spending on the social network. Musk recently removed outdated ‘legacy’ verified tick marks and rolled up a redesigned, more expensive Twitter Blue subscription that allows users to buy verification.
The company has also disbanded its Trust and Safety Council and restored the accounts of previously banned users, including former President Donald Trump and Representative Marjorie Taylor Greene.
Elon Musk’s plan to select a new Twitter CEO would likely satisfy Tesla investors, who have been concerned that Musk’s time spent on Twitter is diverting him from his role as Tesla CEO. Tesla stock soared once it was revealed that he had recruited a replacement for the position.
Despite the fact that Elon Musk will soon step down as CEO of Twitter, he still owns the company. Musk recently changed the name of Twitter Inc. to X Corp. He has long desired to create “X, the everything app.”
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