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On October 5, 2015, Jack Dorsey had a meeting that would go on to become infamous.
Immediately after, many called for his resignation as CEO.
Here’s what went down in that meeting
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Immediately after, many called for his resignation as CEO.
Here’s what went down in that meeting
1/ Jack Dorsey almost never became tech founder. He was entirely obsessed with a different world.
Fashion design.
Fashion design.
2/ But after meeting Evan Williams and Biz Stone, the group founded Twitter in 2006 and Jack became CEO
Just one month before their official launch, he told his co-founders
“I’m going to quit tech and become a fashion designer”
Just one month before their official launch, he told his co-founders
“I’m going to quit tech and become a fashion designer”
3/ Even before officially leaving, Jack faced criticism for his outside interests.
He’d regularly leave the office “around 6 p.m. for drawing classes, hot yoga sessions and a course at a local fashion school”
He’d regularly leave the office “around 6 p.m. for drawing classes, hot yoga sessions and a course at a local fashion school”
4/ Evan Williams was straight with him
“You can either be a dressmaker or the CEO of Twitter. But you can’t be both”
On October 16, 2008, Williams took over as CEO.
“You can either be a dressmaker or the CEO of Twitter. But you can’t be both”
On October 16, 2008, Williams took over as CEO.
5/ Jack now had the separation he wanted.
But surprisingly, he found his way back to tech.
In 2009, while helping a friend accept credit cards as payments for his small business, he co-founded Square.
But surprisingly, he found his way back to tech.
In 2009, while helping a friend accept credit cards as payments for his small business, he co-founded Square.
6/ Square grew rapidly. And this time, Jack stayed at the helm.
Just about a month before Square was set to go public, he called a company wide meeting.
Just about a month before Square was set to go public, he called a company wide meeting.
7/ Everyone gathered, anxious to hear what Jack had to say on the precipice of their monumental achievement.
After a brief welcome, he wasted no time in making his announcement:
He’d just been named the CEO of Twitter, again.
After a brief welcome, he wasted no time in making his announcement:
He’d just been named the CEO of Twitter, again.
8/ But what about Square?
He wasn’t leaving. He’d still be CEO.
He was going to lead both companies, at the same time.
He wasn’t leaving. He’d still be CEO.
He was going to lead both companies, at the same time.
9/ Immediately, people expressed their outrage and disappointment.
Even Elon Musk, who’d been doing the same with Tesla and SpaceX, didn’t recommend running two companies simultaneously.
Even Elon Musk, who’d been doing the same with Tesla and SpaceX, didn’t recommend running two companies simultaneously.
10/ Twitter had been public for 2 years already, and Square was just a month away.
Many feared that because of Jack, the stock prices of of the two companies would be unfairly linked.
Many feared that because of Jack, the stock prices of of the two companies would be unfairly linked.
11/ Sensing the frustration, he immediately responded.
“Look, we don’t always need to agree. And that’s okay”
This was happening.
“Look, we don’t always need to agree. And that’s okay”
This was happening.
12/ People could protest as much as they’d like, but they couldn’t argue with results.
Unfortunately, the short-term results weren’t so great.
Unfortunately, the short-term results weren’t so great.
13/ After taking over, Jack announced that Twitter had gotten too large and they were going to lay off 8% of the workforce (~340 people).
Coupled with disappointing third-quarter results, Twitter stock price plunged.
But Jack continued to face the fight directly.
Coupled with disappointing third-quarter results, Twitter stock price plunged.
But Jack continued to face the fight directly.
14/ As part of the restructuring, he announced he’d give $200M of his own personal stock compensation, back to Twitter employees.
He created a detailed turnaround plan for the company with renewed focus on its mission.
He created a detailed turnaround plan for the company with renewed focus on its mission.
15/ As Square prepped for its IPO, the company lowered its initial offering share price to $9 (from an expected $11-13).
Investors speculated this was to account for public market wariness about Jack being the CEO of two companies.
Investors speculated this was to account for public market wariness about Jack being the CEO of two companies.
16/ But on IPO day, the stock popped 45%, and Square was off to the races.
Over the next few years, he wrangled both Square and Twitter, with both co’s hitting record-high all time stock prices.
Over the next few years, he wrangled both Square and Twitter, with both co’s hitting record-high all time stock prices.
17/ On reflection, Jack thought back to that moment at the Square all-hands.
“There are many moments in a company’s life where, as a leader, you’ll be an island.
And you expect your team to disagree, but still commit.”
“There are many moments in a company’s life where, as a leader, you’ll be an island.
And you expect your team to disagree, but still commit.”
18/ Although the disagreement was palpable, the teams at Square and Twitter committed to Jack’s vision.
And the results speak for themselves.
And the results speak for themselves.
