CNBC’s Julia Boorstin joins 'Money Movers' to discuss X CEO Linda Yaccarino stepping down from the role.

Linda Yaccarino has stepped down as CEO of X, the social media platform formerly known as Twitter, after two years in the position. She announced her departure on X, expressing gratitude to Elon Musk for the opportunity and highlighting her role in transforming the company and promoting free speech. 

Yaccarino, previously head of ad sales at NBCUniversal, was brought in to repair advertiser relationships after significant staff reductions and changes to content moderation under Musk's ownership. Her exit comes amid ongoing challenges for X, including advertiser losses and recent controversies involving the platform's AI chatbot. There is no official word yet on her successor.

Linda Yaccarino steps down as CEO of Musk’s X after two years in role

Welcome back, a management shakeup atop Elon Musk's social media platform, X. Julia Borstein has the story. Hey, Julia. Hey, that's right, Linda Iaccarino announcing she's stepping down as CEO of X after two years in the role, posting this news on X. Now, she didn't give any reason for her departure, but she wrote, I'm immensely grateful to Elon Musk for entrusting me with the responsibility of protecting free speech, turning the company around and transforming X into the everything app. Now, Musk just replied on X saying, thank you for your contributions. Musk who bought the platform for $44 billion in 2022, renaming Twitter as X, said this March that he sold X to his AI startup, XAI, in an all stock deal that values X at $33 billion. He also has been in talks to raise new financing. Now, Iaccarino, who Musk hired from NBCUniversal, where she ran ad sales, was tasked with repairing relationships with advertisers. After Musk fired the majority of the company's employees and also loosened restrictions on speech on the platform, the platform did lose advertisers over that time period. Now, though X does not release financials, Iaccarino was seen as having more success attracting advertisers after Trump's reelection. Now, Iaccarino's departure comes after Musk's Grok chatpot shared anti-Semitic posts on X, though NBC reports that Iaccarino's exit was in the works for a week. Back over to you. I was going to ask you whether or not you thought, Julia, the Grok controversy yesterday where it referred to itself as Mecca Hitler and we won't go into all of that had anything to do with this. And a reminder that Iaccarino's tenure at our parent, NBC, for years revolved around the notion that only at legacy media could you protect viewers and users from elements like that. Yeah. Yeah. I mean, that's absolutely true. She had quite a long tenure at NBCUniversal, CNBC's parent company, where she was very much focused on premium content. At X, she was focused on the value of free speech and the free exchange of ideas. She had to, on many occasions, deal with problematic content or posts from Elon Musk or even comments that he said in person, such as at the New York Times Steelbook conference, that were insulting to advertisers. I mean, he said some not very nice things about advertisers there. And that's something that she really worked very hard to repair to make sure advertisers knew that Musk was not, I'm sorry, excuse me, that advertisers understood that X was not just a safe place for them to reach consumers, but also a place for them to participate in the kind of conversation that they just weren't able to on TV. So a very different type of media platform. She did make quite a bit of progress, from what I understand, since Trump's re-election, but certainly facing challenges when it comes to competition for ad dollars at a time when companies like Meta are really thriving. Julia, is there a sense who would take the CEO role now? I don't have any insight into that. I think it'll be interesting to see how much Musk wants to be involved personally on this. Now, there was quite a sense that Musk was very much in the weeds on X, not only remaking it and reprioritizing it, but very much involved in what he wanted it to look and feel like. This is something he has posted a lot about on X. So unclear who might want to report to him as CEO, knowing that he's going to be so involved in this process. Lindy Acquino told me that she loved having Elon Musk so involved in X as she was running it, but not clear who's going to be replacing her and no word from the company yet on that. Yeah, and we'll see how it also folds into Musk's seemingly grander now political ambitions with this new party. Julia Borstin with the breaking news regarding X. Thank you very much.

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