Mr. Bret Taylor has a vast experience in social networking and worked with Facebook in its growth phase
Twitter Inc. (NYSE:TWTR) has hired ex-Facebook technology Chief Mr. Bret Taylor on its board. The short-messaging app was losing its charm among social media users and lacked innovation in its social networking platform. Moreover, frequent top management changes also added to the company’s problems. The arrival of an executive with tons of experience in the industry is what Twitter needed.
CEO Jack Dorsey recently announced the company’s move into the Virtual Reality world, something that he was discussing for a while now. Mr. Dorsey was optimistic that his company would soon revive its position as one of the pioneers of the industry. In April, the company hired two executives including Pepsi co. on its board so as to revive the company. Mr. Taylors skill set is unique as he has a very good understanding of social networks.
The 35-year-old executive was the co-founder of FriendFeed, a service that Facebook brought back in 2009. Mr. Taylor had been associated with Facebook at a time when the company was growing through its growth phase. After his tenure at the social-media giant, he co-founded another company named Quip Inc., a company he currently heads. His vast experience may help Twitter as it struggles to add value to its customers who visit the network but don’t log in.
The recent efforts by Twitter indicate its quest to again be a prominent site. It appears that investors have applauded these efforts as share prices have jumped more than 10% in comparison last month. Street houses are also bullish on the company as they believe that it can still offer a good upside to investors. The most bullish TP was given by Goldman Sachs Group in April as the brokerage house suggested that Twitter may reach $22 in a period of twelve months.
The consensus TP stands at $20.78, offering a more than 20% upside from current levels. Twitter Inc. was up 0.06% to $17.15 in after-hours trading.