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The tech world was rocked on Friday with the announcement that former NBCUniversal executive Linda Yaccarino had been appointed as the new CEO of Twitter, taking over from Elon Musk. Musk will be focusing on product design and new technology while Yaccarino will concentrate on business operations, according to a tweet by Musk.
Twitter has been in turmoil since Musk's acquisition in October, with mass resignations and some companies pausing advertising. Yaccarino's appointment is seen as a positive move to turn things around for the platform.
Yaccarino brings with her 11 years of experience at NBCUniversal, where she most recently served as chairman of global advertising and partnerships. Her resignation from the role was announced on Friday morning.
Tesla's stock has been affected by the Twitter turmoil, with the so-called "Twitter overhang" weighing down the stock. However, Wall Street analysts are optimistic about Yaccarino's appointment and believe it will have a positive impact on Tesla's stock, removing the lingering albatross from the story.
The news of Yaccarino's appointment sent Tesla's stock up by 2% just before the market closed on Thursday. However, shares of Tesla fell by about 1% on Friday due to a recall in China related to a braking and acceleration defect.
Musk will still be the CEO of both SpaceX and Tesla, but his stepping down from Twitter comes at a crucial moment for the electric vehicle maker. The China recall, dwindling U.S. demand, and an EV pricing war have all put pressure on Tesla's stock, which has fallen by as much as 20% in the last month after the company reported worse-than-expected gross margins in the first quarter.
Tesla's annual shareholder meeting is scheduled for Tuesday, May 16. The market will be watching closely to see what impact Yaccarino's appointment will have on the company's fortunes going forward.
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