According to tech news site Re/Code, Twitter is considering doing away with the feature which has enthralled and frustrated millions of users, and which Dorsey conceived of: the 140-character limit on tweets.
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Others noted that Dorsey’s previous stint as Twitter CEO came to a sticky end in 2008, when he was ousted after a power struggle with cofounder Ev Williams.
Share price is not the one to blame, however, as it itself reciprocated to the slowdown in monthly active users (MAUs), which Twitter hasn’t been able to reverse yet.
Citi analyst Mark May said he has a “generally positive view” of a Dorsey-led Twitter because of his deep knowledge of the product and the company.
Reappointing Dorsey would be a complicated resolution to Twitter’s confusing and frustrating job hunt. Dorsey was criticized for his poor management in his first run as Twitter CEO.
A dual CEO role may seem like a stretch, but it appears momentum is gathering to endorse Dorsey to do just that.
A distracted CEO juggling two companies, neither of which is a well-oiled machine, may not inspire the investor enthusiasm Square had bet on, financial industry experts told Reuters. Shares did spike on Wednesday afternoon as reports began to circulate of Dorsey’s return, and Twitter closed at $26.94, a 5.2 percent jump. Twitter has fundamental problems it needs to solve, and this will prove challenging for any leader-let alone someone who’s also managing a second company that’s expected to go public soon. Since the start of the year, Twitter stock has sunk 31% and fallen below its November 2013 IPO price of 26.
Meanwhile, Twitter’s last CEO, Dick Costolo, announced his decision to step down in June, under mounting concerns about the company’s slow user growth and seeming inability to attract advertisers at the same rate as competitors.
Worries about Twitter’s future have been compounded by the San Francisco company’s inability to turn a profit more than nine years after its inception, even though its revenue has been steadily rising.
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Twitter has been conducting a search for a new CEO for three months now with Jack Dorsey being the ideal candidate in the eyes of investors and analysts to take up the mantle on a permanent basis.
