Could This Be Twitter´s End As A Social Media? Jack Dorsey One-Man´s War Against The Company´s Board
Twitter is facing one of its most delicate situations in its history, giving the fact that the company is looking for major investors to sell itself, but no one seems to having much interest to buy it. Although the executive board is willing to keep pushing for the sale, CEO Jack Dorsey wants the social media to keep its independence, which might create a serious problem within the company´s head, and a huge dilemma for Twitter´s co-founder.
Jack Dorsey is one of the most interesting members of Silicon Valley, since far from having enough by running a major company, he´s also the CEO of Square, and he believes more in the romantic stance of surviving with his creation instead of selling it and keep making business. However, Twitter's decline doesn't seem to have an end, and Dorsey might be facing a one-man´s war against other powerful members of the social media world.
Twitter Has Lost Much Since Its Foundation
Although the whole picture might look as a sick joke considering that we´re talking about an incredible social media as Twitter, the sad true is that the company has lost since its found more than $2 billion. In addition to this billionaire disaster, its stock price has shed 60 percent of its value since the social media went public, losing a staggering amount of money while its customer base hasn't seen much growth, which is the kind of flaws that Wall Street never forgives.
When Jack Dorsey returned to the company in 2015 - he was fired some years before - he already knew that his mission to fix Twitter´s financial issues was going to be chaotic, but his methods weren´t getting effective enough, and some weeks ago Twitter sales tumbled 20 percent, closing at $19.87, as reported by CNET.
This was a huge setback in every single way, because in one hand, some companies had already showed its interest to buy Twitter and these number vanished their options, and in another hand, even when major companies walked away from a possible deal, this was also harmful to Jack Dorsey, considering that the numbers showed that he wasn't achieving Twitter´s objectives.
Actually, his position at the company has been challenged and even overruled by the executive board, which hasn't hidden their intentions to sell the social media no matter how. Regarding this situation, Business Insider reported that Twitter CFO Anthony Noto has essentially taken the reins of some of the social media´s biggest product decision.
Jack Dorsey vs Twitter´s Board: Do We Have To Take Sides?
If Twitter got acquired by another company it could mean the end of the social media, considering that the number of users will hardly increase more, and this doesn't mean precisely a lucrative business. However, this is probably the only point were Jack Dorsey and the board´s member are in concordance, since they don´t want Twitter become something different of what it is.
In fact, Twitter is planning to cut its workforce by 8 percent to have more chances at being competitive, but they main question is who will win if they can increase Twitter´s numbers so other companies would want to buy it. Right now, only cloud software giant Salesforce seems like a serious suitor, but Jack Dorsey and the board knows that if this company ends up buying Twitter, the social media will become a data mine for business intelligence.
While Twitter still posted a loss of $103 million in its third quarter, the war between Jack Dorsey and the board is likely to escalate in the next months, while both are looking for number´s increase, but only one wants to keep company´s independence, and the other wants to sell it. Do we take to take sides on this war, or just look at it silently, expecting the best ending?
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