Linda Yaccarino, the newly appointed chief executive of X, is determined to rebuild trust and regain the business of major brands that left the platform after Elon Musk's acquisition in late 2022. Under Musk's notoriously strict guidance, Yaccarino claims to have full autonomy in handling "everything else" at the social-media company while Musk focuses on product development at X Corp., Tesla Inc., and SpaceX.
During an interview on CNBC, Yaccarino delivered a positive update on the state of business, revealing that X is edging closer to breaking even as major advertisers return. This news comes after Musk's statement at The Wall Street Journal's CEO Council Summit in London in May, where he mentioned that most advertisers have already returned to Twitter.
However, in July, Musk acknowledged that the company was experiencing negative cash flow and had encountered a significant drop of approximately 50% in advertising revenue. Yaccarino's primary responsibility has been to regain the trust of major brands, and her efforts have resulted in some significant wins. Coca-Cola Co. and Visa Inc. are among the prominent brands that have recently partnered with X.
One of the key factors convincing marketing executives at major brands to place ads on X is the assurance that their content will not appear alongside potentially toxic content. Yaccarino emphasized that X has implemented new content controls that effectively reduce advertiser risk. Consequently, she believes that X is now much healthier than it was a year ago.
In conclusion, Yaccarino's leadership at X has paved the way for major advertisers to return to the platform, bringing X closer to achieving financial stability. As the company continues to prioritize gaining trust and implementing robust content controls, it aims to attract more reputable brands in the future.