In the attempt to revamp Twitter, it seems like Elon Musk finally gave up! Since the acquisition of the platform, Musk has been trying to execute his vision for ‘Twitter 2.0.’ But he faced many hurdles while doing so, including the advertising revenue crash and constant layoffs at the company. Due to his attempts to make Twitter the ‘digital town square,’ he was losing business at his other ventures like Tesla.
Tesla was experiencing constant flux in stock prices due to complaints about the electric vehicle. Lawsuits were awaiting the CEO of the company. The company was sued due to misleading information and mistrust over the new self-driving beta testing feature, which is now dissolved. But now he will focus on the electric car company after successfully appointing Linda Yaccarino as the CEO of Twitter.
Related: Is Tesla Benefiting From Elon Musk Owning Twitter?
Elon Musk Assures Devoting More Time To Tesla After Stepping Down As The Twitter CEO
The Q1 earnings of 2023 proved bad for Elon Musk’s Tesla. The company informed investors that net income fell from $3.32 billion to $2.51 billion, witnessing a 24% loss during the first quarter earnings. The CEO is also reducing the price of the product to rejuvenate the business.
Now, during the earnings call, while talking about the losses that the company faced, the billionaire assured complete devotion to the company. Elon Musk said, “Bringing on Linda allows me to devote more time to Tesla, which is exactly what I will be doing.”
In Case You Missed: Why Are Tesla Investors Calling Elon Musk A “Hypocrite”?
He Appoints Linda Yaccarino As The New CEO Of Twitter
After certain features and algorithm changes, Elon Musk failed to bring revenue to Twitter. So he decided to step down from his role as CEO of the company. The billionaire appointed Linda Yaccarino as the new CEO of Twitter. Elon Musk will now be the executive chairman and CTO of the company.
Thank you @elonmusk!
I’ve long been inspired by your vision to create a brighter future. I’m excited to help bring this vision to Twitter and transform this business together! https://t.co/BcvySu7K76— Linda Yaccarino (@lindayacc) May 13, 2023
Linda Yaccarino worked as a leading advertising executive at NBCUniversal. She was one of the important figures in launching the streaming service Peacock, an NBC initiative. After being appointed as the CEO, she wrote on Twitter, “I’ve long been inspired by [Musk’s] vision to create a brighter future. I’m excited to help bring this vision to Twitter and transform this business together!”
She continued, “I see I have some new followers… I’m not as prolific as @elonmusk (yet!), but I’m just as committed to the future of this platform. Your feedback is vital to that future. I’m here for all of it. Let’s keep the conversation going and build Twitter 2.0 together!”
You Might Also Like To Read: Tesla Pays Settlement Money In Defamation Trial A Year After Elon Musk Publicly Claimed They Would Never Settle An Unjust Case
