Twitter CEO Elon Musk (left) speaks with Linda Yaccarino on April 18, 2023. Musk announced he would be stepping down from the position on May 11, 2023, and named Yaccarino as Twitter’s new CEO the next day.
Rebecca Blackwell AP
Beyond digital advertising, Twitter is looking to revitalize the social media company’s business with video, creators, and content, according to an investor presentation by owner Elon Musk and new CEO Linda Yaccarino, seen by Reuters. The company plans to focus on commerce partnerships.
Yaccarino, who took over as CEO on June 5, told Twitter investors on Thursday about the company’s potential partnerships with politicians and entertainers, payment services, news and media publishers. Initial talks are underway, a person familiar with the matter said. Anonymous terms for discussing phone calls with retail investors.
The presentation was the first time Yaccarino addressed the company’s investors, according to people familiar with the matter.
After Musk bought Twitter in October, social media companies laid off thousands of employees, criticized lax content moderation and wanted their ads to appear next to inappropriate content. It faced months of turmoil, including the exodus of many advertisers who did not.
Musk hired Yaccarino, an advertising chief who spent years modernizing ad sales. comcastThis indicated that digital advertising remains a priority for Twitter.
Some ad-buyers have advised their clients to pause their ad spending on Twitter after Musk’s acquisition. According to slides shown during the presentation, those recommendations have been withdrawn and none of the major advertising holding companies are currently recommending a moratorium.
including famous brands warner bros, Mondelez, McDonald’s‘sand walmart The slide says that it has resumed advertising on Twitter after an initial pause.
Yaccarino told investors that ad spend in several advertiser categories, including health, consumer goods and financial services, is now up at least 40% year-over-year, according to people familiar with the matter.
Twitter executives declined to comment.
video and commerce
Under Musk, Twitter changed its name to X Corp, reflecting a billionaire vision of creating a “super app” like China’s WeChat, which includes digital payments and It also includes other services, he said.
According to the presentation slides, Twitter has applied for a “money transfer license” in all 50 US states.
The company is also focusing on growing video content on its platform. According to another slide, vertical videos now account for over 10% of his time spent on Twitter.
Former Fox News host Tucker Carlson launched a new show on the platform earlier this month called “Tucker on Twitter.”
Twitter envisions being able to sell ads and sponsorships alongside videos from Carlson and other content creators, the people said.
Yaccarino has told colleagues in recent days that Musk has expressed strong support for her ideas and that the cooperation is off to a good start, the people added.
