Elon Musk, who purchased Twitter in October 2021, announced on Thursday that he had found a new CEO for the company, now called X Corp, per CNN.

Musk, who had promised to step down as Twitter's CEO months ago, tweeted about the appointment of the new CEO without revealing their identity.

However, sources close to the matter stated that Linda Yaccarino, the advertising chief at NBCUniversal, was in talks for the position.

Musk will take on the roles of executive chair and chief technology officer, overseeing all of Twitter's software and hardware. In December 2021, Musk conducted a poll on Twitter asking users if he should resign as the company's CEO, and most agreed that he should.

Elon Musk had initially stated that he would respect the poll's findings but then changed his stance and said he would step down "as soon as I find someone foolish enough to take the job!" He reiterated in February that he hoped to fill the position by the end of the year.

Musk has faced criticism for several policy shifts on Twitter that lacked explanations and raised concerns about their potential adverse effects on the platform's user base.

Furthermore, he has been trying to regain advertisers that left the platform due to safety concerns following incidents of hate speech and layoffs at Twitter. Musk's new premium subscription platform, which offers a blue verification checkmark for a fee, has yet to attract users.

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Elon Must Twitter Announcement Helped Tesla's Stock Market Increase

Elon Musk's influence on Tesla's stock market was evident on Thursday as shares increased by approximately 2% following his announcement that he would be stepping down as CEO of Twitter.

Many investors in the electric car company have expressed concern that Musk spends too much time on the social media platform, according to AP.

During a court hearing in November last year, Musk was called upon to defend his time allocation between Tesla, SpaceX, and Twitter.

A shareholder challenged the CEO over his $55 billion remuneration plan. The trial occurred in Delaware's Court of Chancery, where Musk was required to testify.

Musk testified that he always saw himself as an engineer and had no intention of becoming the CEO of Tesla or any other company. He also stated that Twitter's internal restructuring would be completed within the week. It has been almost six months since he made that statement.

Musk's time at the helm of Twitter has been tumultuous, marked by numerous declarations and promises that he has since retracted or abandoned.

On his first day in charge, he dismissed about 80% of the company's top executives. He has reduced moderator resources, eliminated several barriers to the spread of false information, and disrupted the platform's verification system.

Who Is the Rumored New Twitter CEO, Linda Yaccarino?

Linda Yaccarino, an accomplished executive with nearly ten years of experience at NBCUniversal, played a vital role in the successful launch of the ad-supported Peacock streaming service, the NY Post noted.

Yaccarino is reportedly discussing becoming the new Twitter CEO, now known as X Corp., and will soon present to advertisers as part of her preparations.

The news of Yaccarino's potential appointment marks a significant milestone in Elon Musk's efforts to revamp Twitter.

Elon Musk has repeatedly stated that he will step down from his role as CEO once he finds a suitable replacement.

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Written by: Bert Hoover

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