Saudi prince opposes Jack Dorsey’s appointment as Twitter CEO

Justin Sullivan / Getty Images North America / AFP

Earlier it was reported that on July 1, the current Twitter CEO Dick Costolo leaves his post. The co-founder of the company, Jack Dorsey, will be appointed acting CEO. The likely reason for leaving Costolo is the dissatisfaction of shareholders, who believe that the pace of development of the service is insufficient.

Nevertheless, some shareholders of the company have begun to speak against Jack Dorsey’s candidacy. Saudi prince Al-Walid ibn Talal, who is an early investor in the social network, does not support the Jack Dorsey fi rm report, Vedomosti reports. This was announced by the prince himself in an interview with the Financial Times.

Al-Walid Ibn Talal believes that Twitter needs a leader who has a lot of marketing experience. At the same time, the prince called the involvement of new users a priority for the work of the new CEO.
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The Saudi prince paid $ 300 million for 3% of Twitter shares in 2011. Since then, he has increased his stake by 2%, bringing it to 5%.

Twitter's capitalization is now $ 23.51 billion. Over the past year, it has decreased by 2.7%.