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Elon Musk steps down as Twitter CEO

Linda Yaccarino is now the substantive Twitter CEO as Elon Musk steps down from the position.

This was announced in a tweet by the former NBCU ad sales chief at about 8 p.m.

Musk tweeted on May 11 that Yaccarino would begin work in six weeks, meaning Yaccarino was initially scheduled to assume the position around June 22. However, ‘The Information’ was the first to disclose that she would take over more than two weeks earlier than planned.

“My role will transition to being executive chair & CTO, overseeing product, software & sysops,” Musk stated.

Since acquiring Twitter for $44 billion last October, Musk had been its CEO. According to Fidelity, one of the stakeholders, the company’s current value is only one-third of the amount it was purchased.

In December, Musk initially announced his intention to resign as Twitter CEO after users voted in a poll.

However, as recently as April, he jokingly stated that his dog had taken over as the boss instead.

Yaccarino now faces the challenging task of ensuring Twitter makes profits and reinvigorating its advertising business.

The New York Times also obtained an internal presentation indicating that Twitter’s ad revenue in the United States has experienced a 59% decline when compared to the corresponding period from the previous year. Furthermore, the company consistently fails to meet its weekly revenue expectations by as much as 30%.

Yaccarino is set to assume after two senior officials in Twitters’ safety department resigned.

Musk claimed that the officials resigned over a controversial documentary by Matt Qalsh on Twitter about transgenders – “What is a Woman?”

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