Control Over Twitter May Be Slipping Through Jack Dorsey's Fingers
The executive is in favor of maintaining Twitter as a standalone company and focusing on recent successful initiatives such as streaming live video. On the other hand, Twitter's former CEO and current board member Evan Williams is in favor of a sale of the company; several other board members agree it is their responsibility and duty to — at the very least — consider this path.
Bloomberg noted that it is "clear" Dorsey has "either ceded or lost at least some control" over the company he helped create.
He could be overruled by the other directors on the board and he has already "delegated command" of Twitter's strategy to the company's chief financial officer Anthony Noto who himself was an investment banker at Goldman Sachs.
"Noto has been just as responsible, just as influential at the company as Jack," Mark Mahaney, an analyst at RBC Capital Markets was quoted by Bloomberg as saying. "He's been unusually active as a CFO."
If Twitter sells itself and the suitor doesn't take on the company's leaders, it wouldn't be the first time Dorsey is forced out of the company. He was ousted in 2008 and during that time he not only built his other company Square Inc (NYSE: SQ), but he "learned the importance of trusting others with strategic decisions."
Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email firstname.lastname@example.org with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.