Twitter executive Anthony Noto could become the next CEO of Social Finance, the FinTech lender.
According to a report in The Wall Street Journal, citing people familiar with the matter, Noto, who is currently CEO at Twitter, has been offered the job at SoFi and is expected to make a decision in the next few days. The terms of the deal have not yet been finalized.
Twitter could make attempts to keep Noto at the company and prevent his move to SoFi. Twitter CEO Jack Dorsey already divides his time between Twitter and Square, so Twitter may not want to see a top executive depart the company.
Noto has been leading Twitter’s efforts in the live content portion of the market. He aided the company in inking a $10 million deal to stream NFL games back in 2016, and was credited with forging live content deals with Bloomberg and Time.
Noto, who was in the running to become the CEO of Twitter, is keen to run a company, which could help SoFi’s chances of landing him as their next leader. However, it would be a lower-profile gig for Noto, who has reportedly sought out the spotlight in the past. SoFi also has around 400,000 customers, compared to Twitter's 330 million monthly active users. SoFi is dangling a “significant stake” in the company for Noto if he becomes the next CEO.
SoFi has landed close to $2 billion in venture capital, and in June started the process to become a bank, filing an application with the Federal Deposit Insurance Corporation. It also said in August it was considering an initial public offering. That all blew up, however, after allegations of sexual harassment by former CEO Mike Cagney started to surface. Cagney resigned after the news broke in September.