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PRESENTED BY GOLDMAN SACHS
 
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By Mike Allen · Jul 09, 2025

Good Wednesday afternoon. Today's newsletter, edited by Sam Baker, is 432 words, a 1.5-min. read. Thanks to Sheryl Miller for copy editing.

 
 
1 big thing: New era for X
 
Linda Yaccarino speaks to Axios at the Cannes Lions Festival of Creativity in June. Photo: Nicolas Gavet on behalf of Axios

Linda Yaccarino is stepping down as the CEO of X, Axios' Sara Fischer reports.

  • Elon Musk brought Yaccarino in two years ago, largely to rebuild relationships with advertisers who left the platform after Musk bought it.
  • His decision to fold X into xAI took some pressure off social-media revenues, which pale in comparison to the potential profits from AI. That helped create a natural moment for Yaccarino to depart, per The Wall Street Journal (gift link).