![]() ![]() The company was worth $4.3 billion (roughly Rs. SoFi's valuation soared along with its ambitions. It had threatened to upend traditional lenders by applying for a US banking license and appealing to young customers by hosting happy hours and match-making events. But it soon expanded into a range of financial services, from mortgage lending to hedge fund investing. SoFi launched in 2011 as an online lender that primarily refinanced student loans for young, affluent borrowers. Noto may be a welcome arrival at SoFi, where a sexual harassment scandal erupted in September that was followed by the departure of its prior CEO and a rethink of its business model. The stock is still well above an August low of $15.67 (roughly Rs. 998), but below its IPO price of $26 (roughly Rs. Twitter shares fell 2.5 percent to $22.76 (roughly Rs. Twitter CEO Jack Dorsey, who is also CEO of payments processor Square, called Noto "an incredible advocate" for the company and thanked him for his work. Twitter did not announce a replacement, but said Noto's responsibilities will be absorbed by other executives. ![]() "In his absence, we believe the company will need to elevate the visibility of another key operating executive to address investors, as we believe Twitter continues to face significant challenges in its turnaround strategy." "We view the departure as a key loss for Twitter," Stabler wrote in a research note on Tuesday, echoing the view of several analysts. And he was the Twitter executive most responsible for assuring Wall Street that better days were ahead, Wells Fargo analyst Peter Stabler said. Noto had worked to add video and create a better advertising platform. The company has come under fire for issues including how it handles harassment on its platform as well as errors it disclosed in how it counted users. 15,900 crores) from the start of 2012 through the third quarter of 2017. Though Twitter expects to turn a corner soon, it has yet to make a quarterly profit, losing $2.5 billion (roughly Rs. He became Twitter's chief financial officer months after the November 2013 IPO, and was promoted to chief operating officer in 2016 when his predecessor quit.īut Twitter's perceived fortunes have turned during Noto's time there, with analysts and investors raising questions about its plans for growth and eventual profitability. Noto started on Wall Street just before the dot-com bubble burst and eventually became a top tech banker at Goldman Sachs, handling the IPO of then-Silicon Valley darling Twitter. The move sowed fresh doubts that the microblogging site will be able to pull off an ambitious turnaround plan and eventually make a profit, and renewed speculation about SoFi possibly pursuing an initial public offering. But by mid-2017 Noto was able to tout $2 billion in ad revenues and four consecutive quarters of subscriber growth, only to see that streak snap in July.Wall Street banker turned Silicon Valley executive Anthony Noto has left Twitter to become chief executive officer of online lender Social Finance, the companies said on Tuesday. But he still has thornier issues to deal with, such as stimulating the platform’s long-suffering user growth. E-commerce is another potential area he is exploring. Next up for Noto is figuring out new ways to monetize beyond advertising, such as through the Tweetdeck platform the company acquired in 2011. His team has worked diligently to restock after losing to Amazon a $10 million package for 10 “Thursday Night Football” games he scored from NFL, where he used to be CFO.Ī former football player and Goldman Sachs banker (where he handled Twitter’s IPO) himself, Noto has also struck similar deals with the PGA Tour, NHL, Pac 12 Networks and E League. ![]() Noto has been the driver of what may be Twitter’s only current bright spot: a growing roster of live streaming deals for games from various sports and a slate of other live non-sports programming. With the incentive of a $12 million stock package in hand, the CFO extended his oversight to partnerships, business development, global advertising sales, data and revenue products. The exit of another Twitter legend, Adam Bain, made Noto the man in command. While ongoing struggles at Twitter have led to a mass executive exodus for the still potent social platform, Anthony Noto has provided crucial leadership as CEO Jack Dorsey divides his focus over at Square as well. ![]()
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