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Elon Musk has announced that a new CEO will be taking over the reins at Twitter Inc, in the coming weeks, bringing to an end Musk’s chaotic reign as “Chief Twit.” Musk himself will assume the role of Executive Chair and Chief Technology Officer, overseeing product, software, and system operations.
Although Musk did not disclose the identity of the new CEO, the Wall Street Journal reported that Linda Yaccarino, NBCUniversal’s Head of Advertising, was in talks for the job.
Musk faced criticism for a series of policy changes at Twitter, which often came without clear justification and raised concerns about the impact on Twitter’s users. He has been trying to sell users on a new paid subscription platform that includes the ability to pay for a blue verification check mark but appears to have limited traction so far.
Meanwhile, he has been attempting to convince advertisers to rejoin the platform after many fled over concerns about hateful conduct on the platform, Twitter’s mass layoffs, or questions about the company’s future.
The new CEO will be tasked with helping to turn around the struggling company and help Musk recoup some of the $44 billion spent acquiring the platform. Although Musk will step back from the CEO role, he will likely maintain significant control over the future direction of the company. After taking over the company in October, Musk cleared out the C-Suite, dissolved the board, and became both the CEO and sole director of the platform.
It remains to be seen how the new CEO will fare in their efforts to bring the platform back to profitability and address the concerns of Twitter’s users and advertisers. Nevertheless, the news of the appointment will be welcomed by those who have criticized Musk’s leadership style and the impact it has had on the company.
Twitter, which recently changed its name to X Corp, has had a tumultuous journey since Musk’s takeover in October. The company faced several challenges, including user complaints about the spread of misinformation, fake news, and hateful content on its platform. The new CEO will have the responsibility to address these issues, along with the task of bringing advertisers back to the platform and retaining existing users.
Musk has been juggling numerous other responsibilities apart from Twitter, including his roles as CEO of SpaceX and Tesla. Tesla shareholders have also expressed concern over Musk’s Twitter activity and have urged him to focus on running Tesla.
Musk has repeatedly claimed that Twitter is trending towards breakeven after previously warning that the company was at risk of bankruptcy. The announcement of the new CEO and Musk’s move to a different role within the company will be watched closely by investors and users alike, as they await the new direction that the platform will take under the leadership of the new CEO.
