Elon Musk Says Appointing Linda Yaccarino as Twitter’s New CEO Lets Him Focus on Tesla
Appointing Linda Yaccarino, former president of Global Advertising and Partnerships at NBC Universal, as CEO of Twitter frees up Elon Musk to devote more time to Tesla and get it back on course.
Musk’s role will now shift to director and chief technology officer to “oversee product, software and systems operations.”
“Bringing Linda in will allow me to devote more time to Tesla, which is exactly what I plan to do,” Musk said Saturday.
Tesla’s operating profit fell 24 percent to $2.7 billion in the first quarter of 2023 as the electric vehicle maker, led by Musk, continues to cut the prices of its vehicles.
In an earnings call with analysts, Musk said Tesla will begin deliveries of the long-delayed Cybertruck in the third quarter of 2023.
“Getting a production line up and running takes time, and this is a really radical product. It’s not made the same way as other cars,” Musk said late last month.
In the first quarter, Tesla’s automotive revenue was approximately $19.9 billion, which is 18 percent more than a year earlier.
Tesla ended the March quarter with $441 million in free cash flow, down 80 percent from the same period last year.
The company has sharply cut the prices of electric cars across its range in the US and Europe in an effort to boost sales after its shares fell more than 60 percent earlier this year.
Musk hinted that more price increases may be on the way as Tesla adjusts to the demand created by the massive price cuts.
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