Twitter's new CEO is Musk's first step in admitting Twitter Blue failure

By now you probably have heard the big news: Elon Musk is passing the baton to his newly announced Twitter CEO, former NBCUniversal head of advertising Linda Yaccarino.Musk may like that Yaccarino seems to share the same right-wing politics as he does and that probably played a role in her hire, but that’s not why he went with Yaccarino specifically. Yaccarino will be Twitter’s next CEO because she is well-respected in the advertising world and has a long rapport with important figures within the industry.And with her hire, Musk is making it clear that his grand plan to make Twitter profitable through subscription-based models has ultimately been a failure. SEE ALSO: More than half of Twitter Blue’s earliest subscribers are no longer subscribed Back in May of 2022 – when Musk’s $44 billion offer was first accepted by Twitter and long before he tried to get out of his Twitter purchase – Musk put together a pitch for investors. In that pitch, Musk made the case that the future of Twitter’s revenue was not in advertising, but in subscriptions.Twitter has historically made the vast majority of its revenue from advertising. In 2021, for example, roughly $4.5 billion of Twitter’s $5 billion in annual revenue was from ad sales. That’s 90 percent of Twitter’s revenue. Musk, in his pitch, claimed he wanted advertising to only account for 45 percent of Twitter’s revenue.What would be Twitter’s main revenue driver then? Subscriptions, of course. According to Musk, Twitter would focus on its premium…Twitter's new CEO is Musk's first step in admitting Twitter Blue failure