Ever since Jack Dorsey came into power at Twitter, Inc. investors and analysts on Wall Street have not been loving it. It has been more than 10 years since Dorsey has been working on and thinking about the micro-blogging website. He was officially appointed as the CEO again over three months ago; earlier last week hudliex Twitter stock hit an all-time low of $20 per share.
After being appointed the CEO, Dorsey cut down 8% of his workforce; 300 employees were let go during that time. The reason, he explained for this was that the teams were too clustered due to which they have not focused the way he wanted them to be. He stated that the management believed that the engineers working at Twitter would move much faster if they were put in smaller and nimbler teams. Since then he has not made any important hires in the company except for Jessica Verrilli, who joined in right after Dorsey came back. However, more important executives departed from their positions during the time including the Head of Design and Head of Consumer Video. At this point, they are still looking for a Head of Communication, a head of corporate development, a Design Boss, and A chief marketing executive.
The most important thing brought to Twitter since Jack has been Moments; the work on this product had started way before he came into power. On the other hand, he is also working on increasing the character limit to over 10,000 characters per profile inside of its 140-character limit tweet. The Chief operating officer, Adam Bain told Re/Code that this change was brought in by the CEO.
The stock market has been in the slumps but the Twitter stock has managed to be in a worse position. Ever since the CEO was appointed the stock has fallen by 24% and last Friday it fell below $20 per share, for the first time. During that time, the S&P 500 index was only down by 1.5% while the Dow Jones Industrial Average was down by 1%.
