By Christoph Haebler.
US American businessman and Twitter co-founder, Jack Dorsey, was appointed Twitter CEO ad interim after Chief Executive Dick Costolo abruptly announced his resignation effective on 1 July 2015.
Dorsey’s appointment was buttressed up by HRH Prince Alwaleed bin Talal bin Abdulaziz Al Saud, Founder and CEO of the Kingdom Holding Company, and a heavy investor in Twitter. Alwaleed bin Talal asseverated that he would back Dorsey should he wish to become CEO permanently.
However Jack Dorsey is already CEO for Square Inc., a platform to accept debit and credit card payments on mobile devices. A company he founded in 2010. Mr Dorsey has already issued a statement highlighting his commitment to Square Inc., thereby implying that he would only accept Twitter’s permanent position as CEO if he could simultaneously remain CEO of Square. For that to happen he would need the support of the boards in both companies. It is an unlikely scenario but there is some precedent for it in the business world: for instance Elon Musk runs both Tesla and SpaceX.
Square Inc. was valued at $3.2 billion by Business Insider back in 2012 whereas Twitter was valued at $8.4 billion back in 2011 when Prince Alwaleed bin Talal heavily invested therein. Both companies are based in San Francisco, California.
Forbes estimates the personal wealth of Jack Dorsey to amount to $3.2 billion in 2015.
For more information
Twitter: https://twitter.com/
Square Inc.: https://squareup.com/global/en/register
