Mobile Commerce

Dorsey Increases Twitter Stake Amid CEO Rumors


While more reports suggest that Twitter's Interim CEO Jack Dorsey might eventually takeover the permanent role, it appears the executive has taken a larger share of the social media company.

Reports indicate that Dorsey recently bought 31,627 Twitter shares at $27.67/share (around $875,000), which brings his total stake to more than $21.8 million. Peter Currie, a director at Twitter and head of Twitter's CEO search committee, also bought 9,200 shares at $27.03/share. CFO Anthony Noto and another director Peter Fenton also took more shares last week, Seeking Alpha reported.

While it wouldn't be unprecedented for Dorsey to takeover as CEO since he filled the roll from May 2007 to October 2008, he has remained quiet about what his next move is. Because he is the CEO of Square, that complicates the matter since he most likely can't remain permanent CEO for both companies. Square is also in its early days of prepping to go public. Twitter's board has expressed that its CEO cannot be a CEO at another company due to obvious time commitment.

Twitter has been making headlines in the past few days after it was reported that Dick Costolo would leave Twitter's board once a permanent CEO is appointed. While Costolo’s transition has reportedly been in the works since June, the timeline for his departure remains uncertain. Dorsey has publicly been noncommittal about deciding between Square and Twitter, telling Bloomberg late last month: “I’m going to do what I think is best for both companies.”

Reports indicate that investors are looking for Twitter to make a decision sooner rather than later, in the hopes that the company’s prospects — as well as its floundering stock price — will gain a boost from new leadership. That being said, numerous sources predict that the next Twitter CEO — whoever it may be — will not be appointed until September.

In other unrelated Twitter news, it was announced yesterday (Aug. 10) that Twitter has struck a new multiyear partnership with the NFL to deliver packaged NFL video and content. This will give the NFL and Twitter the chance to promote brands and promote content created by the NFL that is tailored for Twitter's platform.

“We are very excited to partner with Twitter in a more comprehensive way,” said Vishal Shah, vice president of media strategy and business development for the NFL. “There is a massive amount of NFL-related conversation our fans, teams and players are having on the platform. Providing the Twitter audience with engaging and authentic NFL content will magnify their social experience throughout the year.”

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