Elon Musk steps down from the position of CEO of Twitter and takes up the role of CTO and executive chairman of Twitter.

After media reports speculated that NBCUniversal’s Linda Yaccarino will be taking upthe role of Chief Executive Officer of Twitter. Elon Musk confirmed the same via a tweet on May 12.

Linda Yaccarino resigned from the position of chairman- global advertising and partnerships at NBCUniversal with immediate effect on Friday, May 12. Announcing Yaccarino’s appointment, Musk informed that she will focus primarily on business operations.

Musk steps down from the role of CEO and will now serve as the executive chairman and CTO of Twitter. He will oversee product design and new technology for the platform. Musk and Yaccarino are expected to take up their new roles in six weeks.

Reports have said that Twitter’s ad revenue dropped significantly since Musk took over as the CEO of the platform. Many advertisers paused their ad spends on Twitter due to shifts in Twitter’s content guidelines.

The new CEO of Twitter brings in about 30 years of experience in the advertising business.

Yaccarino has been with NBC Universal since 2011. She has also worked in the company’s cable entertainment and digital advertising sales division. Before NBC, she has worked 19 years at Turner in different executive roles.

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