Analyst Note| Ali Mogharabi |
Jack Dorsey, the co-founder and CEO of Twitter, resigned from his position today, replaced by Parag Agrawal, the firm’s chief technology officer. In addition, Dorsey will leave the Board of the firm in May 2022 when his term expires. Regarding the firm’s operations, Twitter did not make any changes to its guidance and long-term goals which the firm had shared with investors during its last earnings call. This announcement does not impact our view of no-moat Twitter and our Standard capital allocation rating of the firm. We are maintaining our $58 fair value estimate.