8/9/2023 0 Comments Twitter ceoChief Criticĭorsey faced criticism in recent years for his hesitations to censor users, including controversial public figures, on the app. He still serves as CEO of Square, of another company he co-founded in 2010. Dorsey said in the email he believes a company being founder-led is “severely limiting and a signal point of failure,” adding that “there aren’t many founders who choose their company over their own ego.” Dorsey co-founded Twitter in 2006 and served as CEO until he was pushed out in 2008, but returned to the role in 2015 after Dick Costolo stepped down. Reports of Dorsey’s impending resignation surfaced Monday morning, and he confirmed he was stepping down, effective immediately in a company-wide email. Twitter reported user growth and revenue that met analysts’ expectations in the third quarter of this year, despite Apple’s iPhone privacy changes. The management group also thought that by replacing Dorsey, who was CEO of Twitter and Square at the time, with a full-time CEO could make Twitter more favorable and valuable on Wall Street, Bloomberg reported. Elliott Management, an “activist investor” firm and Twitter stakeholder, attempted to oust Dorsey from his position in 2020 over the company’s slow growth, according to a Bloomberg report. Twitter stopped reporting its monthly active users in 2019 as the numbers were stagnating around 300 million-at the time, Facebook reported having approximately 2.5 billion monthly users. Twitter’s user growth struggled in recent years, both with getting existing users to use the app again and with recruiting new users, Recode reports. My trust in him as our CEO is bone deep.” Key Background “He leads with heart and soul, and is someone I learn from daily. He’s been my choice for some time given how deeply he understands the company and its needs,” Dorsey said in a company-wide email announcing his departure. Brokering quick settlements on all the various fronts could help clear some of the clouds hanging over Twitter, but it may take time for Yaccarino to get up to speed.“The Board ran a rigorous process considering all options and unanimously appointed Parag. Regulators such as the US Federal Trade Commission have been questioning Twitter’s compliance with privacy rules and other legal requirements under Musk. Placating landlords and software vendors could be a new adventure for Yaccarino, who is more familiar with media deals. The company announced early this month that it would promote its 2024 Paris Olympics content on Twitter, expanding on efforts during previous games. Even Twitter’s janitors went on strike over non-renewal of their services.Ībout the only company to reach a fresh deal with Twitter since Musk’s reign began has been Yaccarino’s previous employer, NBCUniversal. ![]() Hordes of laid-off and fired staff are in arbitration over the hasty handling of their departures. Since Musk’s acquisition of Twitter in October, a string of vendors has sued the company for failing to pay for software, office space, and other services. And she has pointed out how internet companies have sometimes struggled to match the high-quality content produced by TV networks.Īt Twitter, Yaccarino will have to spin her knowledge of social media’s weaknesses into an asset and start competing with the traditional media industry that she has championed since long before online social networks were even a thing. Elon Musk announced on Friday that Yaccarino will oversee business operations while he focuses on Twitter’s technology and design as executive chair and CTO. She chastised services like Facebook for “grading their own homework,” forcing ad buyers to trust a platform’s data on ad views instead of being able to go to independent auditors like those available for TV. The new Twitter CEO once joked publicly that families don't gather around a newsfeed like they do around a big screen for Super Bowls and primetime shows. As a long-time executive overseeing ad sales at global television giant NBCUniversal, she spent years fighting social media companies for the billions of dollars that advertisers divide up every year between old and new media. Linda Yaccarino is going to have to change her tune.
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