Twitter, after 3 months of having no CEO have finally decided to name Jack Dorsey, the co founder of Twitter, the new CEO. He replaced stand-up comedian and veteran entrepreneur Dick Costolo. This change took place as Twitter has begun to slowly decrease in growth and investors becoming concerned of Twitter as a powerful social media site.Twitter has become worrying as after 9 years since its launch, it still hasn't created much profit. The revenue has been slowly rising however, it is still disappointing. Mr Dorsey, now the CEO, begins his control over Twitter since 2008 as this was when the co founder got into some controversy with another co founder, Evan Williams and was kicked out of the company.
- Twitter has more than 300m users which is far behind Facebook's 1.5bn
- shares have fallen nearly 50pc since late April.
- The shares rallied after Re/Code's report, gaining $1.35, or more than 5pc.
- Mr Dorsey is the company's largest share holder worth $600 million
In my opinion, Twitter is in need of a new CEO to make the relevant changes in order to boost Twitter's popularity. With the introduction of Instagram, Snap Chat and other social networking sites, Twitter falls behind due to their immense popularity that has appeared recently. Twitter also falls behind the traditional Facebook, meaning it has possibilities of becoming a displaced media, similarly to sites such as Myspace. Unless, drastic changes are made, Twitter will continue to be an unused social networking site and may ultimately go bankrupt .
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