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Twitter Co-Founder Biz Stone Is Returning to the Company (techcrunch.com)
After leaving Twitter in 2011 to pursue new projects, Twitter co-founder Biz Stone has announced that he's returning to the company to "guide company culture." Stone said in a statement: "It's important that everyone understands the whole story of Twitter and each of our roles in that story. I'll shape the experience internally so it's also felt outside the company." TechCrunch reports: About a month ago Stone sold his most recent startup, Jelly, to Pinterest. He said at the time that he wasn't required to stay on with Pinterest, so was available for new opportunities. Stone said he was recently back at Twitter as a "special guest" for an event open to employees, where current CEO and fellow co-founder Jack Dorsey -- another founder who left and then returned -- asked him onstage if he wanted to come back and work at Twitter. After some employee cheers, and a private clarification that Jack was in fact being serious, he accepted. Twitter diehards are reacting positively to the news -- many think that Twitter needs to get back to its roots, and what better way to do it than bringing back a co-founder? The market also seems to be happy. TWTR stock immediately jumped 2 percent on the news, reaching a three-month high of $19.62.
To Twitter that's a big deal :-) The company is on a death spiral so any hint of life is probably a good thing to the SJW die-hards that still use the thing.
I wonder if that means no more double standards, freedom of speech for all political leanings, and telling people who can't handle trolls to take a step outside instead of banning them.
at that rate, it would pay back the investment in like.. 15 years?
There's nothing to pay back. Here's how the system works:
1) the VC firms put in a few dollars (in the case of Twitter, about $1.5 billions over 4 years)
2) the company burns through it to build a customer base and create some hype, leading to unrealistic valuation
3) the company goes public without having made a profit yet, and rakes in a fortune (in the case of Twitter, about $24 billions)
4) the VC and founders make a killing, everyone else (i.e. employees) gets fucked because they can't cash in their stock options for a year or two and by then it's worth nothing
That's how the game is played; everyone bets that some other idiots down the road will pay more but at one point someone is left holding the bag.
In the case of Twitter, all of this is over.
lucm, indeed.