Twitter CEO Elon Musk said Friday that Linda Yaccarino will be the social media platform’s next CEO.
NBCUniversal said Friday that Yaccarino will leave the company.
Before that, Twitter CEO Elon Musk announced that he has found a new CEO for Twitter, or X Corp. as the current name suggests. He did not name the person, and added that he would be stepping down to take on the role of chief technology officer at the company.
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Musk said his role will move to becoming Chief Technology Officer.
Tesla stock, which has gained 40% this year, reversed its trend to trade close to 2% as the broader market fell. Stocks had their worst year in 2022, losing 65%, amid Musk’s repeated offers to Twitter.
Since Musk bought Twitter In a $44 billion deal, Tesla investors worried he might not be paying enough attention to the company’s price war with established and emerging automakers. .
“This is a positive part for Tesla shareholders as he will likely spend more time with Tesla,” said Gene Munster, managing partner at Deepwater Asset Management. “However, there are other things vying for his time.”
“Tesla investors will likely celebrate the move as well, with Musk’s very down-to-earth approach at Twitter leading to concerns that he’s shunned him,” said Hargreaves Lansdown analyst Sophie Lund-Yates. take your eyes off this electric car giant.”
Although Twitter has taken up most of Musk’s time since taking over, he is still actively managing a number of other businesses such as SpaceX and Neuralink. Recently, Musk founded an AI company called TruthGPT to compete with OpenAI’s ChatGPT and Alphabet Inc’s Bard.
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Musk’s involvement with Twitter has been quite chaotic. He’s cut thousands of jobs at the social media company, fired the company’s top executives, including the CEO, and made numerous changes to policy and strategy. company’s strategy to depend less on advertising and more on subscription money.
