As recently as April, the stock traded above the $50 handle – the subsequent plunge in share prices helped instigate an eventual move in management.
Twitter is reportedly going to name its new chief executive, and that person is likely co-founder Jack Dorsey.
Dorsey has not dismissed the idea of becoming permanent CEO of Twitter while staying at Square, but Twitter‘s board has said its next CEO must be focused exclusively on that company.
In Hatching Twitter, Nick Bilton’s book about Twitter’s early days, Dorsey is painted as a bad manager who took credit for everything, handled criticism poorly, and didn’t know how to manage – and pushed out of the company he co-founded, alongside Evan Williams, Biz Stone and Noah Glass, in 2006.
Costolo, who became CEO in 2010, stepped down over the summer amid increasing concern over Twitter’s ability to expand its user base and increase revenue. The news raised questions over whether Dorsey could run both companies at the same time, and whether that would create a conflict of interest.
Dorsey’s been running the show as interim CEO since Costolo left at the start of July, with Re/code reporting he could be announced as Twitter’s new boss as early as today. While Twitter’s head of global monetization Adam Bain, was also favored by many in this regard given the man’s popularity inside Twitter, he refused to take up the job as long as Dorsey wants it, reports Re/Code, as it cites unnamed sources.
The headquarters of Twitter and Square are located a block from each other, making it more convenient to shuttle back and forth between the two companies.
Dorsey, 38, remained Twitter’s chairman and one of its largest shareholders with a 3 percent stake now worth about $600 million. Currently, he is also the acting CEO of mobile payment service Square, a position he has repeatedly made known that he intends to keep as he gears up for a public offering. For years, Steve Jobs was simultaneously CEO of Apple and Pixar.