Since Tesla CEO Musk acquired Twitter, the platform has struggled to retain advertisers, who have been wary about the placement of their ads after the company laid off thousands of employees.

The move comes as Twitter’s newly named CEO, Linda Yaccarino, an advertising veteran from NBCUniversal, is about to take the helm at the social media platform.

In March, Musk said that the messaging service makes about 5 or 6 cents per hour of attention from users and could raise that to 15 cents or more with advertisements that are more relevant and timely.

Source: Reuters

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Yaccarino, former Chairman of Global Advertising and Partnerships at NBC Universal, has also hired Joe Benarroch, executive vice-president at NBC Universal, to work along with her at Twitter.

According to a report in the Wall Street Journal (WSJ) late on Sunday, Benarroch has been a trusted adviser to Yaccarino.

“Tomorrow, I start a different professional adventure at Twitter, taking on a role focusing on business operations,” Benarroch wrote in the memo seen by WSJ.

“I am looking forward to bringing my experience to Twitter, and to working with the entire team to build Twitter 2.0 together,” he added.

Yaccarino said last month that she is prepared to build Twitter 2.0 and transform the business together with Musk and millions of platform users.

“I’ve long been inspired by your vision to create a brighter future. I’m excited to help bring this vision to Twitter and transform this business together,” she posted on Twitter.

“I’m just as committed to the future of this platform. Your feedback is VITAL to that future. I’m here for all of it. Let’s keep the conversation going and build Twitter 2.0 together,” Yaccarino also commented.

Musk is looking forward to working with Yaccarino to transform the platform into X, the everything app, just like China’s WeChat.

Yaccarino oversaw about 2,000 workers at NBC Universal. Her team generated more than $100 billion in ad sales and entered partnerships with companies, including Apple, Snapchat, BuzzFeed, Twitter and YouTube.

Source: IANS

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Irwin, who joined Twitter in June 2022, took over as head of the trust and safety team in November when the previous head Yoel Roth resigned. She oversaw content moderation.

An email to Twitter returned an automated reply with a poop emoji. Irwin declined further comment and Musk did not immediately respond to a request for comment. Irwin’s departure comes as the platform has struggled to retain advertisers, with brands wary of appearing next to unsuitable content.

Musk announced earlier this month that he hired Linda Yaccarino, former NBCUniversal advertising chief, to become Twitter’s new CEO. Fortune earlier reported that Irwin’s internal Slack account appeared to have been deactivated.

Since Musk’s acquisition, Twitter has cut costs dramatically and laid off thousands of employees, including many who had worked on efforts to prevent harmful and illegal content, protect election integrity, and surface accurate information on the site.

Musk has promoted a feature called Community Notes, which lets users add context to tweets, as a way to combat misleading information on Twitter.

The company is also facing increasing scrutiny from regulators over its moderation efforts. Twitter withdrew from a voluntary agreement with the European Union to tackle disinformation, while saying it was committed to complying with upcoming internet rules in the EU.

EU industry chief Thierry Breton warned Twitter last week that it would not be able to avoid legal obligations in the EU after quitting the voluntary agreement.

Source: Reuters

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Twitter has struggled financially since Musk took over.

The financial services giant Fidelity estimated in its monthly report of portfolio valuations that Twitter is now worth just one-third worth of what Musk paid for the micro-blogging platform, reports Bloomberg.

Musk’s investment in Twitter is now worth $8.8 billion. The outgoing Twitter CEO spent over $25 billion to acquire an estimated 79 per cent stake in the company in October last year.

He earlier acknowledged that he overpaid to acquire Twitter, including $33.5 billion in equity.

“Although obviously myself and the other investors are obviously overpaying for Twitter right now, the long-term potential for Twitter in my view is an order of magnitude greater than its current value,” Musk had said during Tesla’s earnings call in October last year.

“I’m excited about the Twitter situation, because obviously I know their product incredibly well,” he said. “And I think it’s an asset that has sort of languished for a long time but has incredible potential.”

Fidelity first reduced the value of its Twitter stake in November, to 44 per cent of the purchase price. That was followed by further markdowns, the report mentioned.

Fidelity’s Twitter stake, which now comes under Musk’s X Holdings, was valued at almost $6.55 million (as of late April).

Going through a churning with just about 1,500 employees left from an earlier 7,500-strong workforce, Twitter is finding it difficult to make strong profits.

Source: IANS

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“Sorry this app takes up so much space,” he commented in a tweet. According to Musk, Twitter usage has “went ballistic” after the changes he made to the platform, and there is a great engagement on the “digital town square”.

In March, Musk said that the platform is growing fast. “Just exceeded 8 billion user-minutes per day…of the most influential, smartest people on Earth,” he had tweeted.

Musk also said that the platform will keep prioritising responses from followers, verified accounts, and unverified accounts in the coming weeks. Musk recently said that the technical “fiasco” during Florida Governor Ron DeSantis` 2024 US presidential election bid on Twitter Spaces was actually the “top story on earth”.

Reacting to how traditional media described the technical glitch, Musk said: “I call it massive attention. Top story on Earth today.” He further said: “All Presidential candidates are most welcome on this platform.” The livestream event was hosted by Musk and David Sacks, a tech entrepreneur.

Source: IANS

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