Twitter may be about to end its three-month hunt for a new CEO by asking current interim chief executive officer and company co-founder, Jack Dorsey, to take on the position permanently, according to Re/Code. The Twitter investor said it is not a “hypothetical situation”, as Dorsey has been Twitter’s CEO for more than a quarter now, and under his leadership, the pace of the company’s product road map has accelerated dramatically.
That declaration seems to have fallen by the wayside, with Dorsey expected to keep his role at Square, and be announced as Costolo’s full time successor as early as today. Dorsey took over as CEO when former CEO Dick Costolo stepped down, CNet reports.
“He needs to have a clear vision on where the core Twitter product needs to go in order to stay relevant and adaptable for varying degrees of user types and engagement”, Redniss continued.
Twitter stock rallied more than 5 percent Wednesday, but shares are still in bear market territory. Nevertheless, May said his view is “generally positive” given Dorsey’s deep knowledge of the company. He was Twitter’s original CEO until he was ousted in 2008 in a coup engineered by another company co-founder, Evan Williams.
Worries about Twitter’s future have been compounded by the San Francisco company’s inability to turn a profit more than nine years after its inception, even though its revenue has been steadily rising.
Square was valued at $6 billion at its last funding round a year ago. The New York Times also reported on Monday that Dorsey has the backing of several significant Twitter investors, including Rizvi Traverse Management, which was the social media site’s biggest single investor when Twitter floated in 2013.
Alongside the image – uploaded by Dorsey to Flickr in 2006 and simply titled “twttr sketch” – he details the process it took to create Twitter and doodles what he originally imaged the website would look like.
If Dorsey is indeed made the permanent CEO of Twitter, he’d be in the rarified company of Elon Musk and a few others who are CEOs of two companies at once, given that Dorsey already runs Square, a mobile payments company.
Part of the challenge for Dorsey as a dual CEO is both Square and Twitter are facing fierce competition in their respective arenas.