Square Says Jack Dorsey Running Twitter Is a ‘Risk Factor’

It’s also known in the tech industry for being founded and led by Jack Dorsey, 38, who was separately named CEO of the social networking service Twitter last week.

Jack Dorsey, Square’s 38-year-old co-founder and chief, who is also the newly appointed CEO of Twitter, is “committed” to his jobs at both companies, Square said today in its filing for an initial public offering. The number of shares to be offered and the price range for the offering have not been determined, according to a press release from the company.

It happened. Square has filed for its long-awaited IPO, and in doing so gave a small glimpse at the company’s path forward.

Square initially launched in 2009 as a hardware company striving to enable mobile payments.

Square reported revenue of $560.6 million in the first six months of 2015, up 51 percent from the year-ago period. The company plans to trade on the New York Stock Exchange under the symbol SQ.

Goldman Sachs & Co., Morgan Stanley, Barclays and Jefferies are among the underwriters for the offering, the company said in a filing. Mr Dorsey’s dual role as boss of Twitter and Square is among them. In 2012, the company’s net revenue was $203 million.

He’s the CEO of Twitter again and remains the CEO of Square which he has been getting ready to take public for months. Twitter Chairman and Square CEO Jack Dorsey moderates a panel discussion with Detroit entrepreneurs at Techonomy Detroit at Wayne State University September 17, 2013 in Detroit, Michigan.

Here’s the list of major shareholders in Square that stand to make big bucks when it goes public.

“This may at times adversely affect his ability to devote time, attention, and effort to Square”, the prospectus says.

Square reported a total revenue of $850.2 million in 2014, up 54 percent annually.

However, Square warns in the risk factors section of the filing that it anticipates Starbucks will transition to another payment processor and will cease using its payment processing services prior to the scheduled expiration of their processing agreement next year. The company also runs a peer-to-peer payments service called Square Cash, which competes against PayPal and PayPal’s Venmo, as well as Google Wallet.