Still, bankers would make the argument that Square was in such great shape that Dorsey was able to leave to take care of his bigger problem: Twitter, according to one of the people familiar with the matter.
Advertisement
Complicating matters: Square has confidentially filed for an IPO. The Twitter board has previously said it would only consider candidates who are in a position to make a “full-time commitment to Twitter“. While Dorsey has maintained that he will not change Twitter‘s strategy, some investors have called for him to stay.
Dorsey has been suspiciously coy ever since he became interim CEO of Twitter this summer. However, he did not say anything to suggest that his hat isn’t in the ring – only that he wants what is best for both companies.
Bidness Etc reports the latest insider selling at Twitter Inc (NYSE:TWTR), Maxim Integrated Products Inc. Sacca wants Dorsey to get the top spot, while revenue boss Adam Bain should be appointed President and COO.
The number of active Twitter users is still growing, but much slower than previously – giving investors another thing to be concerned about.
Twitter’s previous CEO, Dick Costolo, stepped down in July after announcing his departure in June.
Musk is the CEO of both electric automaker Tesla Motors and private space firm SpaceX.
Twitter stock has plummeted more than 25 per cent since revealing muted user growth last week, when the company said that user numbers had risen by just two million in the second quarter, to 304m.
On Friday, Bloomberg reported that Square’s IPO advisers are making contingency plans in case Dorsey leaves the company. When a new company comes to market, investor decisions are “all about confidence in management”, she said.
Square has declined to comment.
In effect, Sacca is calling for a power trio to lead Twitter.
Twitter (NYSE:TWTR) last posted its quarterly earnings results on Tuesday, July 28th. His analysis of the company, which was equal parts scolding, loving defense and meddlesome pep talk, immediately went viral among the technorati.
Advertisement
Since its shares peaked in December 2013 almost US$30bn has been wiped off the value of the company at yesterday’s closing price of US$27.55. One research analyst has rated the stock with a sell rating, thirty have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company.
