Twitter co-founder to step down
Shares of Twitter are soaring in the pre-market on a CNBC report that co-founder Jack Dorsey will step down as CEO.
I have mixed feelings on this one. In terms of the shares, it's unambiguously positive and they're up 12% on the news. He was a part-time CEO (he also runs Square) and never showed an ability to properly monetize it.
As a user, however, he protected the platform and made it the dominant source of spreading and consuming news. He could have made money at every turn by selling out the product and over-monetizing it.
I'll be interested to see how it shakes out with a new leader.
In terms of trading, the market reaction reminds me of when Steve Ballmer stepped down as Microsoft CEO. The people who bought that spike made a killing if they held it.
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