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In brief: Linus Sebastian, one of the most popular tech personalities on YouTube thanks to his Linus Tech Tips channel, has announced he is stepping down as the CEO of the media group, though he will still appear in videos. Linus also admitted that he received a $100 million offer for his company, which he turned down as he doesn't need the money.
In a video titled I'm Stepping Down..., Linus said his decision to step down as CEO of Linus Media Group, which runs not only the YouTube channels but also Floatplane media, LTT Labs, and Creator Warehouse, is because he lacks the attention to detail and temperament to run an organization of over 100 people.
"I wasn't built for this, and I'm tired," he says. "Like 'really can't do this anymore' tired. And if I try to drag myself through another ten years of business administration I know I'm gonna destroy myself, and probably end up killing the company and the community that I love so much in the process."
While viewers shouldn't notice any changes in the Linus Media Group's videos, the founder is moving to the new position of Chief Vision Officer, a "stupid, BS-sounding, made-up role," but one that will allow him to appear in more videos, given he'll have fewer corporate responsibilities to attend to. Linus and his wife, Yvonne, will continue to be the sole shareholders and directors of Linus Media Group.
An interesting part of the video comes when Linus reveals Linus Media Group received a $100 million buyout proposal, with 60% of it in cash and 40% in equity in the unnamed company making the offer. Linus said he rejected the deal because he loves working at his organization and doesn't need a bigger house or a faster car. He said that receiving $100 million "wouldn't really change our lifestyle much." Linus is estimated to have a net worth of $85 million, with most of it coming from ad revenue, video sponsors, affiliate marketing, and merchandise sales from his store.
Replacing Linus as CEO of Linus Media Group is Terren Tong, formerly of Corsair and Dell and Linus' one-time boss while they were at NCIX.
Back in March, several of Linus' channels, including Tech Tips, were temporarily taken offline after they were hacked to show crypto-scam videos. The the same trick had been used on several previous occasions, including the hack on the British Army YouTube channel last year