X (formerly Twitter) CEO Linda Yaccarino reveals that X is expected to be profitable by early 2024
Since Elon Musk
X CEO Yaccarino says Musk-owned platform could turn a profit next year | Reuters
https://www.reuters.com/technology/x-ceo-yaccarino-says-musk-owned-platform-could-turn-profit-next-year-2023-09-28/
X will be profitable in 2024, CEO claims in tense interview | TechCrunch
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https://www.pymnts.com/news/social-commerce/2023/x-ceo-linda-yaccarino-says-1500-advertisers-have-returned/
Mr. Yaccarino took the stage at the keynote speech at ' Code 2023 ' held on September 27, 2023, and reported that 'X is expected to be profitable in early 2024.' He also touched on the issue of a decline in the number of active users , stating, ``Although the number of active users has decreased, the overall time spent using X has been trending in a positive direction since June 2023.''
Yaccarino added, 'In the past 12 weeks ending September 27, approximately 1,500 advertisers returned to the platform, and approximately 90% of the top 100 major X advertisers have resumed advertising. 'I did,' he reported. It has been pointed out that advertisers have stopped placing ads on X since the acquisition of X by Mr. Mask, and it has been reported that advertising revenue has decreased sharply as a result. Furthermore, regarding Mr. Musk's claim that ``Jewish organizations are the cause of X's poor advertising sales '' and hinting at prosecution, Mr. Yaccarino said, ``Jewish organizations did not recognize X's progress in terms of safety. That is very unfortunate.'
More than half of Twitter's major advertisers have stopped advertising, and advertising revenue has plummeted - GIGAZINE
It has been reported that X has dismissed approximately 6,500 of its approximately 8,000 employees by April 2023. Mr. Musk himself has reported that X, which has kept its expenses in check through repeated employee reductions, is on the verge of becoming profitable. Meanwhile, multiple lawsuits have been filed regarding X's continued failure to pay severance pay to fired employees and its failure to pay rent for various offices.
It was discovered in an interview with Elon Musk that the number of employees at Twitter had drastically decreased from 8,000 to 1,500, but it was also revealed that Twitter is likely to succeed in becoming profitable soon - GIGAZINE
Yaccarino reported that the company has introduced new content moderation tools and features that 'prevent ads from appearing next to certain content' that didn't exist before Musk's acquisition of X. He also defended the pros and cons of Mr. Musk posting numerous posts on X, saying, ``There is no problem because there is freedom of speech.''
Regarding X, the foreign media Financial Times reported, ``On October 5, 2023, Mr. Yaccarino met directly with the seven banks that provided funds when Mr. Musk acquired X and explained his restructuring plan for X. We plan to do so.'' According to the Financial Times, Mr. Yaccarino will hold talks with Morgan Stanley Securities, Bank of America, Barclays Bank, Mitsubishi UFJ Financial Group, BNP Paribas, Mizuho Bank, and Societe Generale on October 5, 2023. That's what he said.
These banks have a total debt of approximately $13 billion (approximately 1.9 trillion yen) due to Mr. Musk's acquisition of X. In the meeting, Yaccarino will need to convince banks that he has a plan to rebuild X by increasing advertising revenue and focusing more on subscription services, people familiar with the matter said. thing.
On the other hand, some bankers have expressed the harsh opinion that ``Mr. Yaccarino needs to kick Mr. Musk out of X in order to bring back advertisers who left X.'' He also said, ``As Mr. Musk continues to post posts that cause users to leave, it is unclear how to attract advertisers back.''
X and the banks have declined to comment on the talks scheduled to take place in October.
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