On Tuesday, Jan. 23, it was announced that Twitter chief operation officer Anthony Noto will be resigning from the company to join San Francisco startup SoFi.
The California-based personal finance company announced that Noto will be joining the team as CEO on March 1. Noto is joining the company after Tom Hutton took the role as interim CEO back in September 2017. Hutton took that role after the CEO departed the company following sexual harassment allegations.
While SoFi is in need of some course correction, Noto is happy to be joining the team. In a statement, he said he was grateful to be extended the offer at one of the most important new companies in finance.
Noto joined the social networking site Twitter in July 2014 as its chief financial officer and become the company's COO in November 2016.
After the news broke, Twitter CEO Jack Dorsey sent out a tweet saying how sad he is to see Noto leave the company. But also said he was proud of his friend and supports him.
I’m really sad to see @anthonynoto leave us, but I’m happy for him and really proud of everything he’s accomplished at Twitter. He’s been a friend, partner, and mentor to me for years. He always has my support and gratitude. Thank you Anthony! We love you. https://t.co/wdI0rJqIck
— jack (@jack) January 23, 2018
Twitter In Decline After Noto's Departrue
Meanwhile, Twitter has taken a hit since the departure of Noto. According to reports, shares in Twitter declined 3 percent Tuesday morning after Noto’s resignation.
This news comes after Twitter’s management team shut down skepticism that the social media may not be able to increase its revenue and strengthen its bond with users.
According to reports, the company’s share price reached a 52-week high of $25.85 but has since lost some ground.
What Is SoFi?
SoFi is a step away from social media or social networking and is essentially a finance company.
The company is a new kind of finance and takes a different and radical approach to lending and wealth management. The company features different products and tools for users, a faster service, and it offers open conversation.
The company is dedicated to helping people save money, whether they are looking to buy a home or save money on student loans. The SoFi team works to empower members and help accomplish the goals they set to help them achieve financial stability and greatness.