Elon Musk bought Twitter for $44 million last October, and since then, he has continuously changed the company’s policy. At the time of acquisition, he indicated that he would only be in charge for a limited time. Now, he issued a statement through Twitter that he found a new CEO for the company and will take on the CTO role.
It is rumoured that Linda Yaccarino, current NBCUniversal executive, will become the next Chief Executive Officer of Twitter. In a tweet on Thursday, Musk said – “the company’s new CEO would start in about six weeks”, without naming an individual. According to the reports, Linda has not responded to an email yet.
Elon also said there is ‘too much work’ and he is sleeping at Twitter’s San Francisco headquarters. Now he wants to hand over this responsibility to someone liable, and he would only take care of technologies as his followers requested. In December, Musk asked his Twitter followers if he should resign as CEO, and 57.5% said ‘Yes’. He will remain the executive chairman of the company after the transition.
Musk, also the CEO of Tesla Inc. Space and Exploration Technologies Corporation, has drawn criticism because of abrupt policy changes, sudden layoffs and other business changes. He also changed the corporate name of Twitter’s parent to X Holdings.
Elon said he wants to turn Twitter into an ‘everything app’, including financial services, just beyond any other social media app.
The next CEO will have to deal with future challenge and bring new ideas to increase the company’s profit. Despite a slight increase in daily Twitter users since 2022, the revenue of the company has fallen by 50% since October. One reason could be the ‘Blue Subscription Service Plan.’
Yaccarino interviewed Musk last month at a major advertising conference in Miami, where he addressed him as ‘friend’ and ‘buddy’ on stage, which shows they both have a friendly relationship.
