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X chief Yaccarino steps down after two years / Photo: Brendan SMIALOWSKI - AFP
NYSE - LSE
X chief Yaccarino steps down after two years
Linda Yaccarino resigned Wednesday as CEO of X, the social media platform formerly known as Twitter, after two years at the helm of the Elon Musk-owned company.
In a statement posted on the platform, she said she had decided to step down following what she described as "two incredible years" leading the company through a major transformation.
No reason was given for her exit, but the resignation came as Musk's artificial intelligence chatbot Grok was under fire for anti-Semitic comments that praised Adolf Hitler and insulted Islam in separate posts on the X platform.
Yaccarino -- a former NBCUniversal advertising executive -- took over as X's CEO in June 2023, replacing Musk who had been serving in the role since his $44 billion acquisition of Twitter in October 2022.
Her appointment came as Musk sought to focus on product development while bringing in an experienced media manager to restore advertiser confidence.
The company has faced significant challenges since Musk's acquisition, including an exodus of advertisers and concerns over content moderation policies.
Yaccarino's background in advertising was seen as crucial to rebuilding business relationships.
In her statement, Yaccarino praised the "historic business turn around" achieved by the X team and suggested the platform was entering "a new chapter" with xAI, Musk's artificial intelligence company.
xAI in March acquired X in an all-stock deal that valued the social media platform at $33 billion, making it a subsidiary of Musk's AI company.
"X is truly a digital town square for all voices and the world's most powerful culture signal," she wrote, adding that she would be "cheering you all on as you continue to change the world."
During her tenure, X introduced new features including Community Notes, a crowd-sourced fact-checking system, and announced plans for "X Money," a financial services feature as part of Musk's vision to transform the platform into an "Everything App."
It also coincided with Musk's endorsement and financial backing of Donald Trump, which saw the South African-born multi-billionaire catapulted into the White House as a close advisor to the president, before a recent falling out.
(K.Jones--TAG)
