Here’s perhaps the biggest Twitter news of this year – Chief Twit Elon Musk recently announced that a new CEO will be taking over for him in 6 weeks. Yep, that fast. Also worth noting is his mention of his would-be next level and eventual successor of Twitter, ‘X’, or what he calls his ‘everything app’ project.
New Incoming Twit
Many have been calling for Musk to step aside and let someone else steer the company. A poll conducted by Musk back in December that garnered 1.75 million responses indicated that Twitter users would prefer to have a different person in charge.
Musk’s rash and rapid changes, including the firing of some 80% of its staff, have put many on edge that the platform will experience more problems over time, as its systems go unchecked, deteriorating under the increased strain. Thus far, Musk and Co. have avoided any major catastrophes, but it’s impossible to say whether it’s by luck, backstage scrambling, or more efficient staff management that’s enabled relative stability.
At the same time, Musk has also implemented his controversial $8 verification plan, which has led to a raft of problems for the app, while advertising revenue has also declined by 50%, as more brands start reconsidering their Twitter ad spend due to changes in policy around free speech.
A new CEO could help right the many wrongs currently plaguing Twitter’s ship – though you would also expect that Musk would’ve hand-picked his replacement to enact his broader vision, which will likely see it stay the course in these key areas. Musk’s announcement, more likely, is designed to ease Tesla shareholder concerns, many of whom believe that Musk is spending too much time focusing on Twitter issues. True enough, Tesla shares jumped following Musk’s Tweet.
The Wrap
The Wall Street Journal has reported that NBCUniversal’s current head of advertising Linda Yaccarino is Musk’s CEO of choice. Yaccarino has been with NBCUniversal for more than a decade, where she focused on more effective systems for ad measurement.
The Twitter CEO role is a daunting challenge to take on, and regaining advertiser trust will be no small feat. Musk is also likely to stay very involved in in-app activity, which could put Yaccarino under a lot of pressure to perform rather quickly. If she was chosen by Musk, then it should be safe to assume that she’ll be up for the task, and at least meet the minimum of Musk’s expectations. Either way, this will be a significant shift for the app, which will likely change its direction, in some way.
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