As Square, the payments company Jack Dorsey founded in 2009, prepares for an IPO (perhaps in Q4), the 38-year-old billionaire hinted that he would not step down from Square’s top management, even if it means running two mammoth tech companies at once.
Not confident that he can pull it off? Twitter’s board isn’t so sure either. In June, the Twitter board including Chris Sacca gibed that running Twitter is a full-time job. The search for a new CEO began after Dick Costolo announced his exit on June 11 this year.
Twitter’s second quarter earnings did not disappoint in terms of revenue but its monthly average users grew by a mere 15 percent annually, which in itself isn’t unusual for a service that’s already popular. It will be interesting to see how the market will react to Dorsey’s stance and how forgiving Wall Street will be to tech tactics of making both of those equally challenging jobs work. Whichever way the search goes, Dorsey has made his involvement in both the companies very clear. On Tuesday (Sept. 14) Twitter and Square announced that they have forged a partnership to allow users to donate to political campaigns on Twitter using Square.
While the board set up a search committee to find candidates, needless to say, Dorsey is the first choice. And of course, not all investors are in a panic mode. Noted venture investor Jason Calacanis thinks it’s not that big of a deal considering Twitter still beat revenue estimates and is run by a very able executive team.