As if being worth an estimated $2.4 billion at the age of 38 isn’t a big enough accomplishment, Twitter’s co-founder and original CEO, Jack Dorsey, has once again been handed the top position within one of the world’s largest social media platforms.
Dorsey will be the company’s fourth CEO in its approximate 9-year history, and this latest appointment has some investors a tad bit nervous. While many shareholders feel that Dorsey is the right man for the position, especially after member growth for the social media platform has recently slowed, it’s Dorsey’s other job which they fear could get in the way.
Dorsey also is the the founder and CEO for a company called Square, which is a business platform to accept credit and debit cards via a mobile device. Square will be going public later this year, if everything remains on schedule, meaning that Dorsey could be tied up with his role in that business during an important time for Twitter. Twitter recently lost ground in the social media wars, being overtaken by Instagram as the world’s second most popular social media platform (monthly active users).
The position sort of fell into Dorsey’s lap when CEO Dick Costolo stepped down 3 months ago. At that point, Twitter named Dorsey its interim CEO.
“I’ve been CEO of both companies for over 3 months now. I have the smartest, strongest, and most determined leaders in the world on my teams,” Dorsey tweeted earlier this morning.
Dorsey will be tasked at creating a formula to attract new users to the platform, while rolling out features which could pad the company’s top and bottom lines. Such features include the gradual rollout of the ‘buy’ button to additional merchants, as well as new ways to curate and display popular tweets.
“We’re working hard at Twitter to focus our roadmap on a few things we can make really great. And we’re strengthening our team along the way,” Dorsey tweeted. “Our work forward is to make Twitter easy to understand by anyone in the world, and give more utility to the people who love to use it daily!”
It will certainly be interesting to see what changes Twitter will launch over the next several months and if Dorsey can juggle being the CEO of two expanding tech companies all at once.