Business

Technology

Elon Musk announces Linda Yaccarino as new Twitter CEO

NBCUniversal announced that she left as head of advertising on Friday

Kyle Fitzgerald
Kyle Fitzgerald
Washington

May 12, 2023

  • English
  • Arabic

Elon Musk on Friday announced that NBCUniversal's former head of advertising Linda Yaccarino has been named Twitter's new chief executive.

"I am excited to welcome Linda Yaccarino as the new CEO of Twitter!" Mr Musk tweeted on Friday.

Mr Musk said Ms Yaccarino will focus on business operations while he spends more time on product design and new technology.

Ms Yaccarino left her position at NBCUniversal prior to Mr Musk's announcement.

“It has been an absolute honour to be part of Comcast NBCUniversal and lead the most incredible team,” said Ms Yaccarino, who joined NBCUniversal in 2011.

Her departure follows a tweet from Elon Musk on Thursday in which he said he had found someone to head the social media company.

Several outlets including The Wall Street Journal reported that Ms Yaccarino, previously chairwoman of global advertising and partnerships at NBCUniversal, was in talks for the role.

The announcement comes nearly six months after a Twitter poll ended with a majority of users wanting him to leave the role.

“Excited to announce that I’ve hired a new CEO for X/Twitter,” Mr Musk said in his tweet.

The new chief executive will start in about six weeks, he added.

He did not disclose the identity of the new chief executive but referred to the new job holder as “she”.

Mr Musk also said he would transition to overseeing product, software and systems operations as executive chairman and chief technology officer.

Last month, he announced that Twitter would merge with a new company called X Corp.

After completing his $44 billion takeover of Twitter in October, Mr Musk, who also owns Tesla, made a series of changes in a turbulent time for the company.

Within the first two weeks, he laid off half of the company's staff and fired former chief executive Parag Agrawal, as well as other senior leaders in the company.

The billionaire businessman had previously complained of working too-long hours as head of Twitter and his other companies.

His ownership of the social media platform has also been criticised over changes including paid subscriptions for verification status, a “For You” newsfeed and the reinstatement of controversial accounts such as that of former US president Donald Trump.

Earlier this week, Mr Musk said Twitter would soon offer voice and video calls that would probably challenge rival platforms WhatsApp and Instagram.

Tesla shares dropped were down 1.13 per cent at noon on Friday.

School uniforms report
Read more
War on waste
Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

More from this package
While you're here
Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

While you're here
The specs

The specs: 2019 Audi Q8
Price, base: Dh315,000
Engine: 3.0-litre turbocharged V6
Gearbox: Eight-speed automatic
Power: 340hp @ 3,500rpm
Torque: 500Nm @ 2,250rpm
Fuel economy, combined: 6.7L / 100km
 

Learn more about Qasr Al Hosn
Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Updated: May 12, 2023, 6:01 PM
Elon MuskTwitter