Jack Dorsey, the current Twitter CEO will continue to head the microblogging social media network for the foreseeable future after a crucial board review. Unlike Facebook CEO Mark Zuckerberg, the Twitter CEO doesn’t have complete control over the company and his tenure is dependent on the board having faith on his leadership skills. Twitter just like other social media platforms is at a crucial time period when the network is blamed for not doing enough for privacy concerns and controlling hate speech among its billions of users.
According to a Bloomberg report on November 2, the governing committee of the social media network reviewed Dorsey’s tenure. The group included representatives from Silver Lake and Elliott Management, two firms who gained board members after substantial investments in the company. While the inside workings of the board are not made public, it is understood that they kept their overall faith in Twitter’s current CEO.
According to an official statement from the company:
The committee expressed its confidence in management and recommended that the current structure remain in place. […] The board will continue to evaluate company and management performance according to a range of factors, including the company’s operating plan and established milestones.”
However, the current new-look board is also looking to re-assert its authority on the company’s workings. It was found out that the Elliott Management is against the continued tenure of Dorsey as Twitter CEO because they believe that he is not focused enough on the new platform as he has to divide it between Twitter and his new payment platform Square. The latter is the same organization that has publicly invested more than $50 million in Bitcoin recently before the price index rose by 30%. The board also cut the tenure of directors on the social media platform from 3 to 1 year only. This will allow the new investors to take back control of the company.
His recent tenure in Twitter hasn’t been without its fair share of problems. The CEO had to deal with a massive account data hack that resulted in a team of hackers starting a targeted cryptocurrency scam from official Twitter handles of public personalities like Jeff Bezos, Elon Musk, Warren Buffet and others. He was also the target of the Donald Trump as well when Dorsey flagged/deleted several of his tweets that were found to have untruthful pieces of information.
Dorsey is an avid promoter and long-term admirer of the cryptocurrency sector especially Bitcoin itself. He gives pro-Bitcoin statements every now and then. He has described Bitcoin as a financial revolution of the future. He is also in favour of transparency and accountability of social media networks enthusiastically, a view not shared by any of the other social medial platform CEO including Mark Zuckerberg.
Image source under CC License: flickr.com
Don’t worry, we hate spam too
one weekly digest, just the important stuff.