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Twitter board endorses CEO Jack Dorsey amid pressures to combat fake news

The board cited Twitter's "significantly improving product" and financial performance in the third quarter when revenue grew 14% year-over-year to $936 million

twitter-logoReuters | November 3, 2020 | Updated 08:46 IST
Twitter board endorses CEO Jack Dorsey amid pressures to combat fake news
Twitter Chief Executive Officer Jack Dorsey

The board of Twitter Inc expressed support for Chief Executive Officer Jack Dorsey on Monday and said it had confidence in the social media company's "current structure". "The committee expressed its confidence in management and recommended that the current structure remain in place," the board said in a regulatory filing.

The board cited Twitter's "significantly improving product" and financial performance in the third quarter when revenue grew 14% year-over-year to $936 million. Earlier this year, Dorsey fought off an attempt by activist investor Elliott Management to oust him from his job by agreeing to growth targets.

The deal bought time for Dorsey, who is also CEO of financial tech company Square, to show Elliott he could run two public companies. The social media platform had 187 million monetizable daily active users (mDAU) during the third quarter, missing consensus analyst expectations of 195.2 million users, according to IBES data from Refinitiv.

The board's endorsement of Dorsey also comes as the social network faces intense pressure to combat election-related misinformation around Tuesday's presidential election in the United States.

Also read: 46 top US firms, including Apple, Facebook, Google, support lawsuit against H-1B visa rule changes

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