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The owner of TwitterElon Musk, announced this Friday that Linda Yaccarino will be the new executive director of the network and that she will “focus mainly on business operations”, while he will focus “on product design and new technologies of the social network” .
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Musk, who took over as chief executive after buying the social network last year, said in a tweet today that he is “excited to welcome Linda Yaccarino” in his new role; Shortly before, Yaccarino had announced today that she was leaving her position as head of publicity for NBCUniversal (NBCU).
Yaccarino’s publicity profile could serve to calm fears, since Musk’s constant sweeping changes in Twitter policies have created mistrust and have put advertisers on the run.
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According to another tweet that Musk published yesterday, Yaccarino will take the reins of the company in about six weeks.
Musk, who bought Twitter last year promising to restore his vision of “free speech,” warned yesterday that in the new structure, he reserves one significant number of functions: the executive presidency, the head of technology, the supervision of products, the software and systems operator.
In 2021, the year before Musk took over the social network and took it private, advertising accounted for nearly 90% of the company’s revenue.
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But then things changed radically: from the Top 100 Advertisers on Twitter Before Musk bought the company, 37 brands spent nothing on network advertising in the first quarter of this year, according to market intelligence firm Sensor Tower, while 24 other brands reduced their average monthly ad spend on Twitter in 80% or more.
In April, Musk — who is the second-richest person in the world, behind French tycoon Bernard Arnault and ahead of Amazon founder Jeff Bezos — said that Twitter could be cash flow positive as early as this quarter.
After buying Twitter for 44,000 million dollars (about 40,300 million euros) Musk fired several of the company’s top leadersincluding CEO Parag Agrawal, Legal Counsel and Chief Financial Officer.
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In addition, the company has laid off approximately three quarters of its workers and a significant number have left voluntarily.
Musk and Yaccarino have collaborated before. The two appeared at a panel titled “Twitter 2.0: From Conversations to Partnerships” held last month in Miami Beach, Florida, where Yaccarina asked the millionaire about the role of Twitter and the future of the social network.
REACTION OF TESLA SHAREHOLDERS
Since Musk announced on Thursday that there would be a new CEO in about six weeks, the news was celebrated among Tesla investors (another of the companies owned by Musk), since investors hope that with this change Musk re-prioritizes Teslathe electric car company where he also serves as CEO and the key to his fortune.
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Thus, Tesla shares closed with a rise of 2% on Thursday and this morning they opened with an advance of almost 3%.
However, at half a day on Wall Street the shares depreciated you by 1.20%.
Source: Elcomercio
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