Elon Musk Announces New Twitter CEO – What It Means for Cryptos

  • Musk did not immediately reveal the identity of his replacement.
  • Major outlets have identified the new Twitter boss as Linda Yaccarino, NBCU’s global advertisement chief.

According to a Thursday announcement, Elon Musk has picked a new chief executive officer several months after acquiring Twitter. Following this step, there are many speculations as to how the crypto space would be under the new boss.

Musk did not identify his replacement in the announcement but said that the new executive, a woman, would start the job in six weeks.

The Wall Street Journal was the first media house to take a stab at who the appointee could be, identifying her as Linda Yaccarino, the chairperson of global advertising and partnerships at NBCUniversal. On Friday, NBCUniversal affirmed that Yaccarino would leave the company ‘‘effective immediately.’’

Following the news, the crypto community is speculating what the new appointment means for the digital asset space, considering the vital role Twitter plays in the sector. As it stands, nothing seemingly connects Yaccarino to the industry. 

However, there is optimism that Twitter’s ambition regarding digital assets will continue after Musk assumes the role of the chair and CTO at Twitter, which he disclosed in the announcement.

“Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in 6 weeks. My role will transition to exec chair & CTO,” Musk said, adding that he would ”oversee product, software, and sysops (systems operations.).”

A Change to the Crypto Space Dynamics?

Musk’s move comes when Twitter has shifted focus to cryptocurrency, especially integrating digital asset payments into the platform. At the start of the year, the social network announced it was creating systems permitting payment for fiat and cryptocurrencies. Dogecoin, Musk’s favourite meme token, surged after the announcement.

Twitter has also taken steps to boost the adoption of digital currencies, including a partnership with crypto and stocks brokerage firm, eToro, enabling users to trade digital assets. Besides, in April, the San Francisco-based company replaced the Twitter logo with that of Dogecoin, resulting in a jump in DOGE prices.

However, the announcement of the new CEO has yet to significantly impact the price of DOGE, which changed hands for $0.07107 at press time, a difference of +0.32% in the past day.

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