Linda Yaccarino is stepping down as CEO of X, Axios' Sara Fischer reported today.

• 🤝 She was the first permanent CEO Elon Musk hired after buying the platform in 2022.

Zoom in: Yaccarino announced the decision on X, saying she was "grateful to [Musk] for entrusting me with the responsibility of protecting free speech, turning the company around, and transforming X into the Everything App."

• Musk replied to Yaccarino's announcement in a brief post, thanking her for her contributions.

Between the lines: Yaccarino was hired in 2023 after running NBCUniversal's ad business for more than a decade.

• Once the ultimate cheerleader for the advertising industry, Yaccarino's relationship with the community shifted when she became CEO.
• ⚖️ Under Yaccarino, X waged a high-profile lawsuit against a major advertising industry coalition and its members, alleging the group abused its influence over marketers and ad agencies to discriminate unfairly against X, prompting an ad boycott.
• 🗣️ X's legal threats are part of a greater push by Yaccarino to force an ad industry reset, in the wake of a broader societal shift away from heavily moderated speech.

Zoom out: Yaccarino has proven highly resilient. She continued to lead X for more than 18 months after a slew of high-profile marketing figures publicly urged her to step down.

What to watch: X has yet to name her replacement.

Nvidia's market cap entered uncharted territory today, briefly surpassing $4 trillion.

• 🏆 It's the first time any public company has ever hit that benchmark, reflecting the feverish investor interest in the AI chips giant.

📈 Stunning stat: Consider that a year ago Nvidia had just passed the $3 trillion mark, joining Microsoft and Apple as the only companies in that rarefied air.

• A year before that, Nvidia's market cap had just topped $1 trillion.

The big picture: Nvidia has become synonymous with the AI economy — its meteoric rise being powered by the tech industry's massive spending in product development and data center expansion.

Go deeper

🥣 WK Kellogg, the maker of Froot Loops, Frosted Flakes and Rice Krispies, is nearing a sale to Italy-based Ferrero, the company behind Nutella. (WSJ)

💊 Merck is buying Verona Pharma for $10 billion. The deal provides the New Jersey-based drug giant with Verona's new treatment for chronic obstructive pulmonary disease. (Axios Pro)

📱T-Mobile plans to end its diversity, equity and inclusion (DEI) programs. The move comes as the telecom company faces pressure from the Trump administration as it pursues FCC approval for the acquisition of U.S. Cellular wireless assets. (Reuters)

🇧🇷 President Trump disclosed a new round of tariff demand letters today, including a threatened 50% tariff on Brazilian imports. (Axios)

🛍️ U.S. online shoppers shelled out $7.9 billion across all retailers on the first day of Amazon's four-day Prime Day sale, up nearly 10% from last year, per Adobe data, despite concerns raised in early reports. (Axios)

Apple is readying an upgrade to its Vision Pro headset, which has suffered from a "lackluster debut" after it was initially billed as a revolutionary device, Bloomberg reports.

State of play: The new version — which may arrive this year — "will include a faster processor and components that can better run artificial intelligence," Bloomberg reports.

• It will also come with "a new strap to make it easier to wear the headset for long periods of time" since a common complaint is that it's uncomfortable to wear it for too long because it's so heavy.

Yes, but: The most critical upgrade — making it weigh significantly less — is still at least two years away, Bloomberg reports.