In a recent investor presentation reviewed by Reuters, owner Elon Musk and new Chief Executive Linda Yaccarino shared Twitter’s plans for revitalizing the company’s business beyond digital advertising. Yaccarino, who took on the role of CEO on June 5th, mentioned that Twitter is engaging in early conversations with political and entertainment figures, payments services, and news and media publishers. This information was shared during a private investor call, as Yaccarino addressed the company’s investors for the first time.
Twitter has faced significant challenges since Musk’s acquisition in October. The social media platform experienced chaos, including layoffs, criticism regarding content moderation, and the departure of advertisers concerned about their ads appearing alongside inappropriate content. Musk’s decision to hire Yaccarino, a seasoned advertising executive known for modernizing ad sales at NBCUniversal, signaled his commitment to digital ads as a priority for Twitter. Yaccarino informed investors about ongoing conversations with various figures and services.
Following Musk’s takeover, some ad-buying firms advised their clients to pause ad spending on Twitter. However, these recommendations have since been reversed, with major advertising holding companies no longer suggesting a pause, as stated in a slide during the presentation. Notable brands, such as Warner Bros, Mondelez, McDonald’s, and Walmart, have resumed advertising on Twitter after initially pausing. Yaccarino also reported that ad spending in several categories has increased by at least 40% year-over-year, including health, consumer packaged goods, and financial services.
Under Musk’s leadership, Twitter rebranded as X Corp., reflecting his vision to create a “super app” similar to China’s WeChat, incorporating digital payments and other services. Twitter is in the process of applying for “money transmitter licenses” in all 50 states, according to a presentation slide. The company is also placing a strong emphasis on growing video content on the platform, with vertical videos accounting for over 10% of time spent on Twitter. Additionally, former Fox News host Tucker Carlson recently launched a new show on the platform called “Tucker on Twitter.” Twitter envisions the possibility of selling ads and sponsorships alongside videos from Carlson and other content creators.
Yaccarino shared that Musk has expressed strong support for her ideas, and their working relationship has had a positive start.
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