STORY: [UPSOUND, YACCARINO TO MUSK]: “…and you know I pride myself on my work ethic, but, buddy, I met my match."
Former NBCUniversal advertising chief Linda Yaccarino has been named the new CEO of Twitter.
The announcement came Friday from Twitter boss Elon Musk, who just three weeks ago was interviewed at a marketing conference by the woman he tapped to replace him.
The billionaire Twitter owner and Tesla chief executive had tweeted a day earlier that he had found a new CEO for the social media site, but did not say who it was.
Yaccarino is known for having modernized NBCUniversal’s advertising business, something Twitter is in desperate need of – with Musk himself earlier this year acknowledging that Twitter had suffered a massive decline in ad revenue since he took over the platform in October.
Yaccarino’s hire should also appease Tesla investors who complained Musk's Twitter acquisition had distracted him from operations at the electric carmaker. Telsa's stock had its worst year in 2022, losing 65% of its value.
Daniel Ives is Managing Director at Wedbush Securities.
"Look, I think for Musk, this was the time to give the reins to a CEO. Twitter has been a nightmare situation for him in terms of the balancing act. [FLASH] Tesla investors are popping champagne that Musk is giving up his [Twitter] CEO role. It's been an overhang on the stock, and I think it really comes at the right time.”
Yaccarino had quit her job at NBCU just hours before the announcement. Her exit is another big blow to the entertainment giant, which just last month announced that CEO Jeff Shell was leaving after acknowledging an inappropriate relationship with a woman in the company.
Yaccarino’s exit also comes just as NBCU is preparing for its annual upfront presentation to advertisers on Monday at Radio City Music Hall.
Yaccarino could not be reached for comment.
Musk tweeted that he would now focus more on product design and new technology at Twitter.
As for Tesla, its shares have fared better this year - gaining 40% - but reversed course on Friday to trade down as broader markets fell.