Twitter (NYSE:TWTR) has had a lot going on lately. From being accused of sitting by while the platform was used for spreading fake news during the 2016 presidential election, to being criticized repeatedly for not deleting Donald Trump and his controversial tweets off of its service.
Today, things might have taken another turn for the worse. The California-based company announced on Tuesday that Anthony Noto, long-time COO, will be leaving the online media company to embark on new adventures.
The News
While many are surprised by Noto’s departure, with CEO Jack Dorsey even tweeting that he is “really sad” to see Noto leave the company, I wouldn’t say that it is a total surprise. There were a number of reports that surfaced over the weekend which stated that SoFi, an online personal finance company based in San Francisco, had offered Noto the job as CEO.
I’m sure shareholders won’t hold it against Noto for leaving, however. SoFi is a brilliant company and it is likely that the former Twitter COO will do great things at the company. Plus, he had some nice things to say about his departure, stating that “working at Twitter has been a once in a lifetime opportunity,” adding that he is proud of the team at Twitter and “the key milestones we achieved during my time at the company.”
As for SoFi, Tom Hutton, the Interim CEO of SoFi, will be moving positions, taking on the role of nonexecutive chairman of the board, according to SoFi.
The Stock
Twitter ended Tuesday’s session trading at $22.75, which put the stock down $0.59, or 2.53%. Even though it saw a marginal increase (0.04%) in after-hours trade, I would say investors didn’t take the news in an incredibly positive manner.
Who knows, though. This could be the start of a new journey for both companies. If I were you, I would keep an eye on both going forward.
Featured Image: Twitter
