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Yaccarino has indicated that free speech is priceless even though advertisers abandon Twitter for other platforms.
After holding on to the top executive helm at Twitter Inc for more than seven months, tech billionaire Elon Musk officially handed over the mantles to Linda Yaccarino, a former global advertising and partnerships chairperson at NBCUniversal Media on Tuesday. However, according to her LinkedIn profile, Yaccarino states that she has been working at Twitter as CEO for the past two months since May 2023. The 59-year-old will be working alongside Musk who currently holds the Chief Technology Officer at Twitter.
Yaccarino announced her first day on Twitter via a tweet on Tuesday, whereas her official work was meant to begin weeks later. Her urgency at work shows how serious Musk is with setting up the X Corp ecosystem.
As a former advertising specialist, her new role at Twitter will involve a lot of restricting the company’s ad sector. Moreover, Twitter recently noted that it has lost more than half of its revenue streams since Musk took over. Nonetheless, the dual remains positive on the future outlook of the company among other offerings in the pipeline.
According to Musk, the social media giant will focus more on free speech even though it costs the company advertising revenue.
Tonight’s reflection — we just heard a rare and unscripted conversation, on a range of important topics, with a Presidential candidate — all launched on Twitter. That’s historical. Let’s do more. Freedom of speech is priceless. @elonmusk, @DavidSacks, @RonDeSantis
— Linda Yaccarino (@lindayacc) May 25, 2023
Twitter Market Outlook
Having been acquired by Musk for a whopping $44 billion late last year, the social media giant has since slowed down significantly YTD. According to research conducted by Insider Intelligence, Twitter’s top 50 advertisers have been spending less since Musk acquired the social media platform. The research firm, therefore, concluded that Twitter’s global ad revenue this year is estimated to be at around $3 billion, approximately 28 percent lower than last year.
Interestingly, Fidelity Investments estimated the company’s value to be at around $15 billion in June, more than half of what Musk paid for. Already, the social media platform has laid down a lot of its former employees as Musk restructured the company to fit his futuristic all-in-one app.
Reportedly, Musk intends to make Twitter a Web3 platform where users can socialize with ideas and money flow. Moreover, Twitter has already begun integrating with digital assets including Bitcoin and Ethereum content creators tipping and ads payment. The Dogecoin community, a leading meme coin with over $9.7 billion valuation, hopes Musk will integrate Doge for Twitter payment to add on its intrinsic value.
Meanwhile, Twitter’s actual reported users remain in contention amid increased bot accounts. It will be interesting to watch how Yaccarino deals with bot accounts after the former administration significantly failed on the matter.