Elon Musk used to hate ads. Now he’s hired NBCUniversal’s ad chief as the new Twitter CEO, in a sign he may be serious about transforming the business.
Yaccarino joins at a crucial period, not just for the company, but also Big Tech at large. The past year amounted to a painful lesson for Silicon Valley, which benefitted from the pandemic’s lockdowns only to struggle in their aftermath, between chip shortages and supply chain issues to inflation trimming discretionary consumer spending and online advertising. After a series of dismal earnings quarters, early 2023 showed signs of a comeback.
At Twitter, the Musk era saw its workforce drop substantially. Top executives were fired in short order and its workforce shrank in the months that followed, going from roughly 7800 staffers to 1500 as employees resigned or were laid off. In all, the company shed 80 percent of its workforce. The impact on its bottom line must have been consequential, but to what extent isn’t entirely clear. The company hasn’t publicly reported earnings since Musk acquired the platform in October.
Yaccarino, the ad chief credited with transforming advertising at NBCUniversal, brings years of experience to a role that will certainly involve boosting her new employer’s ad base.
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