Square CEO Dorsey set to take Twitter top job

Mr Dorsey is already acting as interim chief executive and chairman, but the micro-blogging site is understood to be planning to name him permanently in the role as early as today.

Moreover, as the interim CEO, Dorsey has been very vocal about the future of Twitter.

“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. That is going to be especially true since Square is reportedly seeking an IPO in the fourth quarter of this year, though that can obviously be pushed off a bit while Dorsey adjusts to his dual lifestyle.

Twitter investors were anxiously awaiting the announcement of the company’s next permanent CEO on Thursday.

Although Twitter is among the world’s best known technology companies, it still hasn’t posted a profit and its user growth has been slowing.

Sacca is “highly confident” on Dorsey being appointed as permanent CEO.

Dorsey immediately stepped in, taking the reins of the company for a second time after a stint at Square – a mobile payments company he launched in 2009. Square started as a payments company but now offers a suite of small-business services, ranging from loans to invoice software, and it continues to experiment and evolve.

That image as a visionary is why investors want him back at Twitter, said the Fortune report.

SunTrust analyst Robert Peck has backed Jack Dorsey to become Twitter’s CEO for a long while now.

The fact that Twitter – which is suffering from a major slowdown in growth and user engagement – will have to share its CEO, instead of having someone who can devote their full-time attention to revamping the company, is clearly causing a few misgivings among investors. Twitter has also been overtaken by Facebook-owned Instagram, which racked up 100 million users in nine months to hit 400 MAUs.

Interestingly Twitter’s original claim upon Costolo’s departure that the new CEO would need to focus entirely on the social media giant seems to have been retracted, with Dorsey apparently still keen on running his Square operation in tandem.