The new CEO of Twitter, Jack Dorsey, will be announcing to lay off jobs and halts the company's expansion in the coming week.
Twitter Inc. is one of the biggest social media network platforms that allow its users to connect with each other. It is a wide open platform which does offer privacy to the users but keeps you open to almost every other user on the platform. The company has been declining recently in terms of growth in new users, revenues, and monthly active users. The company's former CEO, Dick Costolo, resigned because of the continuous poor performance. When the resignation was approved, Jack Dorsey was named as the new part time CEO.
At that time, he was just a temporary replacement and the company as well as professionals and analysts were content with this decision. The social media network offered Jack Dorsey the full time CEO position several times. After a very long time now, the rumors are gathering a lot of pace that Twitter is all set to name Jack Dorsey its permanent CEO and the new man in charge will be having tough responsibilities to take care of.
As Forbes report, the social media giant is rumored to layoff various jobs and might put a stop to its expansion process as well. As it is believed, these rumors are lined up because of the competition rising massively as the new platforms such as Snapchat. Instagram, and WhatsApp are ruling over the world with their services. The company's second quarter ended June 30 and the financial results were released. According to the CEO of the company, the results of the second quarter were impressive in terms of monetization however the growth in its users is still lacking.
Lately, Twitter has been the most preferred social media for the social media addicts out there however it is failing to attract new users to its platform. The company is undergoing a transition period for a very long time now and wants to make it more users friendly in order to tap the market of users that are not on Twitter. Investors were very much disappointed with its performance and many of the old investors and shareholders came out publicly to say what has to be changed to bring back the spark and charm of this micro blogging platform.
However, the spokesperson of the company has declined to comment on this news by saying that the company does not respond to rumors and speculations and will comment when there is something really happening.