Elon Musk’s pressure mounts on X CEO Linda Yaccarino to cut costs and boost revenue: Report – Crypto News – Crypto News
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Elon Musk's pressure mounts on X CEO Linda Yaccarino to cut costs and boost revenue: Report Elon Musk's pressure mounts on X CEO Linda Yaccarino to cut costs and boost revenue: Report

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Elon Musk’s pressure mounts on X CEO Linda Yaccarino to cut costs and boost revenue: Report – Crypto News

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Elon Musk’s social media platform X is reportedly navigating significant internal changes under the leadership of CEO Linda Yaccarino. A recent report by the Financial Times reveals that Yaccarino is now facing considerable pressure to slash costs and boost revenues.

As per the report, in response to these pressures, Yaccarino has made several decisive moves within her executive team. Notably, she dismissed Joe Benarroch, her chief business operations and communications officer, who had been a close advisor.

The report adds that sources within X indicate that Benarroch’s departure was largely due to his mismanagement of a new adult content policy rollout, which failed to adequately inform clients before its public announcement.

Reportedly, this executive shake-up comes amid escalating tensions between Musk and Yaccarino. Having been recruited by Musk from NBCUniversal, Yaccarino is under immense pressure to stabilize X’s financial standing. This has led to budget cuts across the US and UK sales teams and reduced expenditures on various fronts, including travel.

Recently, an all-hands meeting at X, led by Yaccarino, was reported in the media. During the meeting, Yaccarino urged employees to support Musk’s new venture, x.AI, but provided limited information regarding X’s advertising business performance. According to The Verge, employees were eager for updates on the company’s performance reviews, which have been delayed without explanation, and expressed concerns over missing revenue targets for the quarter. Additionally, there have been recent layoffs within the company, contributing to staff anxiety.

Steve Davis, CEO of The Boring Company and a close associate of Musk, has been closely examining the finances at X’s San Francisco headquarters for several weeks, further heightening employee concerns.

In this climate of uncertainty, employees sought clarity on the company’s performance review process and business metrics during the recent all-hands meeting. However, according to The Verge, these topics were not thoroughly addressed.

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Published: 24 Jun 2024, 04:41 PM IST

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