Last Updated: May 12, 2023
It appears that the identity of Twitter’s new CEO has been officially named, as Elon Musk confirmed that Linda Yaccarino will take the reins of the social media company. Indeed, Yaccarino, an ad executive at NBCUniversal, resigned from parent company Comcast (NASDAQ:CMCSA) today.
Tesla (NASDAQ:TSLA) investors were initially happy about the news that Elon Musk was stepping down as CEO of Twitter. However, the enthusiasm appears to have faded, as Tesla shares are down halfway into today’s trading session.
First Published: May 11, 2023
Back when Elon Musk first took over Twitter, he declared himself—in a tweet, no less—to be the new Chief Twit. Now, in a move that’s sending electric vehicle stock Tesla higher, there will be a new CEO for Twitter soon, as she starts the position in about six weeks.
The new CEO isn’t known yet, as Musk didn’t put a name or a face to the position. Musk also didn’t offer much in the way of background about his new pick, aside from the fact that said pick was, indeed, a woman. However, he did detail how his role within Twitter will change. Instead of being CEO, he will now be executive chair, as well as Chief Technology Officer. He’ll be “…overseeing product, software and sysops,” which suggests that some of the more controversial new aspects of Twitter—like issues of freedom of speech—will continue as they’ve been going recently.
Musk has been facing disaster on all sides, as Tesla investors—and some analysts—believed that Musk’s attention was entirely too diffused to be effective in either operation. Without Musk’s visionary qualities, Tesla suffered, and share prices went down to match. However, with this shift, that problem will soon be over, and Tesla shares are already starting to recover. Indeed, Musk long meant for the position to be temporary and even offered a poll to users on whether or not he should step down. Though Musk’s timetable for departure ran as far as the end of this year, Musk found the desired new candidate much ahead of schedule.
The move has already proven good news, and analysts are largely on board. With 15 Buy ratings, 11 Holds, and four Sells, Tesla stock is considered a Moderate Buy by shareholders. Meanwhile, with an average price target of $203.64, Tesla stock offers 18.34% upside potential.
