Musk Officially Moves into New Role at X as Yaccarino Takes Over as CEO

The new X team is taking shape, with X staff being told on Monday that Elon Musk will now officially become the platform’s product and engineering chief, while new CEO Linda Yaccarino takes on responsibility for all other divisions.

Yaccarino’s main focus is winning back advertisers, and getting the company’s ad business back on track. X’s ad revenue is down 50% year-over-year, and while the company had hoped that its new subscriptions push would offset some of those losses, take up of XBlue has thus far been lower than expected, meaning that it will be reliant on ad dollars for the foreseeable future.

Initially, Elon Musk had outlined a plan that would see 50% of Twitter/X’s overall revenue coming from subscriptions, which would also better enable it to use its new verification offering as a means to combat bots in the app. But XBlue thus far has seen less than 1% of user take-up, which is well below the threshold it needs to make this a relevant consideration on the revenue front.

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Published: 2023-07-31 20:34:52 ,

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