In light of growing cost-cutting pressure, X CEO Linda Yaccarino restructured her inner team. The Financial Times reported that Linda Yaccarino has fired its right-hand man, Joe Benarroch, who heads business operations and communications. The changes were made following the criticism of two of the sources familiar with them.
According to them, Benarroch handled the release of the new X policy on adult content unsatisfactorily. Customers heard about the changes for the first time as they were officially announced, with the sources mindful of the details.
Yaccarino handed the roll to Nick Pickles, the head of global government affairs for guidelines and public policy. In the interim part, Pickles will also be charged with supervising global communications, as the sources are familiar with.
The Financial Times disclosed restructuring details amid the escalation of the conflict between Linda Yaccarino and O. Musk a year after she was hired by a billionaire.
As reported on Wednesday by the Financial Times, some Company X employees were concerned about Elon Musk’s pressure on them to raise revenues and cut costs. In particular, Musk was insisting that one of the executives was occasionally firing U.S. and U.K. salespeople, as well as cutting staff in the finance team.
According to two of the sources, staff was also sacked in the supply chain and delivery areas, while the firm’s travel budgets were significantly reduced.
Moreover, a search for staff involved in a finance-related field was also conducted. One of the managers of the Boring Company, another enterprise founded by Musk, was brought in to review the acquired data on X’s income. The National Diplomat has reached out to X for a comment, but no response so far has been provided.
A week ago, a report was published, saying that X would embark on a massive campaign to finally start its payment business, according to the documents obtained by Bloomberg Businessweek.
These documents state that X is preparing to reveal a system for its website and mobile app that will be a center of all payment activity; the system will deliver an opportunity to send and receive money, store funds, and view past transactions.
The business plan was filed with regulators in Massachusetts last summer, and the company added that it would charge small fees for some transactions.
“However, Twitter Payments does not anticipate charging fees for all of its services, as the overall goal of the services is to help increase participation and engagement on the X Platform,” X said.
Moreover, Elon Musk had mentioned during a call with employees last year that he expected X to turn into a payments super app by the end of this year.
“If it involves money, it’ll be on our platform,” he said. “Money or securities or whatever. So, it’s not just like sending $20 to my friend. I’m talking about, like, you won’t need a bank account.”
