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Once the world’s richest man, Tesla, SpaceX and Twitter CEO Elon Musk is retiring from the role of CEO at blue dove tweeting company Twitter very soon. Musk reports that he will be renaming the position of CEO within 6 weeks so that he can focus more on his other businesses of SpaceX and Electronic car manufacturing company Tesla.
Back in 2022, when Elon Musk posted his willingness in taking over Twitter, everybody laughed off the idea. But soon enough, Musk actualized his dream. The bid to takeover the tweeting giant was presented to the executives of Twitter with $44Bn with the company’s investors giving their approval for effecting the merger.
Followed by Musk becoming the new boss of Twitter, he fired former CEO Parag Aggarwal and other prominent faces at the tweeting giant including Chief Financial Officer Ned Segal, Legal Policy Executive Vijaya Gadde. The news flooded the tweeting platform with many tweeters reporting and criticizing the firing of officials.
With inflation rates sky-rocketting, SVB Collapsing and the cryptosphere experiencing winters, CEO Musk started laying-off at the company. Many employees were seen complaining that they were logged out of their activity accounts suddenly and that they have received termination notices without any prior notice. The total layoff reduced the workforce to a handful 2000 employees in 2022.
In February 2023, another round of layoff was initiated which further cut the number of employees working in the company. It was reported that about 10% of the workforce was cutted from the main network running at the company, stopping the communication between the employees as Slack was turned offline and layoff employees logged out from their internal accounts. Musk taking the layoff news on the tweeting platform clarified his stance as cutting down the operations cost through requisite layoffs.
NBC Universal former advertising head to succeed Elon Musk as CEO
Elon Musk on his official Twitter handle announced a few days ago that he is going to step-down from the Chief Executive position and a new undisclosed figure will take on the role of CEO within six weeks. While Musk will remain involved with the operations of the company in the capacity of Executive Chairman and Chief Technology Officer, he announced recently that he is going to name Linda Yaccarino as the new CEO of the company.
Linda Yaccarino, the former head of advertising at NBC Universal is now slated to become the newest CEO at one of the Fortune 500 companies making her one of the very few successful businesswoman who will run a mega company.
Yaccarino is an Italian-American who has experience in managing roughly 2000 employees while working for over 15 years at Turner Entertainment before joining the NBC Universal. With Twitter’s ad sale dipping to lower and lower ends since Musk’s takeover in October 2022, the company is in dire need to re-strategize their marketing and advertising policies, for which, Linda seems to be the perfect fit.
During the period of September and October last year, the advertisers spending on the platform amounted to $71Mn whereas, post merger, the figure dipped to a significantly small $7.1Mn. Analysts at a renowned forecasting agency have reviewed the poor performance under the leadership of Elon Musk and speculated that the company’s revenue will slash to $2.98Bn, which is a downfall of almost 28%.
Conclusion
With investors’ faith deteriorating in the platform, a new management can improve the fading image of the social media giant. Linda Yaccarino, the CEO in the becoming, is being hoped to become a pivotal point of turn in upscaling the revenue of the company.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
