Square files to go public

Square filed an initial public offering today.
The payments company, which was co-founded by Jack Dorsey and Jim McKelvey in 2009, has been rumored to be planing a public offering for some time. Now it has filed its S-1 with the US Securities and Exchange Commission.
Square will be listed on the New York Stock Exchange with the “SQ” symbol. The NYSE became popular among tech companies looking to go public in 2013, after Nasdaq was widely perceived to have bungled Facebook’s public offering.
Dorsey serves as the company’s chief executive, and was also recently named the full-time CEO at Twitter, the other company he co-founded. Interestingly, Square mentions in the S-1 filling that Dorsey’s split attention between the two companies could be a risk factor.
Dorsey for his part does, however, explain his commitment to Square in a letter included in the filing:

I believe so much in the potential of this company to drive positive impact in my lifetime that over the past two years I have given over 15 million shares, or 20% of my own equity, back to both Square and the Start Small Foundation, a new organization I created to meaningfully invest in the folks who inspire us: artists, musicians, and local businesses, with a special focus on underserved communities around the world. The shares being made available for the directed share program in this offering are being sold by the Start Small Foundation, giving Square customers the ability to buy equity to support the Foundation. I have also committed to give 40 million more of my shares, an additional 10% of the company, to invest in this cause. I’d rather have a smaller part of something big than a bigger part of something small.

Fusion notes that even as Square’s revenues grew by $298 million between 2013 and 2014, its losses also grew by $50 million in the same period. (It drew $561 million in revenues in the first half of 2015 and lost $78 million in that time.)
Previous reports indicate that Square plans to complete its initial public offering by the end of the year. The company has not yet revealed its initial price range, nor how many of its shares it plans to sell in the offering.

Twitter board ‘warming’ to idea of Dorsey as full-time CEO

It has been 89 days since Twitter has had a full-time chief executive. That might change now that the company’s board has reportedly warmed to the idea of making Jack Dorsey, the interim CEO, the permanent leader of the company he co-founded.
The New York Times reports that Twitter’s board is considering the possibility of having Dorsey lead the company again, despite initial misgivings about how he’d do the job while remaining the CEO of Square, the payments company he co-founded.
Dick Costolo left his position as Twitter’s CEO on July 1. “I initiated conversations with some members of the board at the end of last year about CEO succession as I contemplated what was next for me,” Costolo said in June. “And ultimately following discussions with the full board and at February meeting and then at our meeting last week, we agree that now is the right time to begin this transition.”
Costolo remains on Twitter’s board of directors, and is presumably helping the company find his replacement. Yet he has reportedly planned to leave the board — thus severing all ties with the company he led between 2010 and 2015 — as well.
Twitter’s board has been searching for Costolo’s permanent replacement since that announcement was made in June. But now, almost three months after Costolo left, the question of whether or not Dorsey will receive the title remains unanswered.
This has frustrated Chris Sacca, a venture capitalist and Twitter board member. “Good board of directors? They can name a new CEO by the end of the week,” he tweeted when Volkswagen replaced its CEO following the emissions scandal. “But the Twitter board? Nothing for months.” Sacca has been vocal about his support for Dorsey being named Twitter’s CEO and praised the company under his leadership.
There has already been one sign that Dorsey leading both Twitter and Square could benefit the companies: A partnership that makes it easy for Twitter users to donate to politicians. That partnership could, as I argued before, increase the visibility of both services while also giving Twitter users a reason to interact with the service. The two companies could doubtless find other ways to complement each other.
The New York Times is quick to note that Dorsey’s ascension to Twitter’s CEO isn’t guaranteed. The board hasn’t yet made its decision, and things can change quickly. But it seems like Dorsey’s appointment is more likely than it was a few months ago.

To live and die in public: That’s Twitter

Twitter is making its debut on the public markets and with that the fortunes of its founders, employees and many of its investors will change. As it crosses into adulthood, Twitter and its new owners need to remember this one thing — Twitter is us!

Square, Airbnb and why experience really is design

During the heyday of industrial and manufacturing economy, what mattered was the brand. Today, what matters is the complete experience, one that hides technology, infrastructure and complexity and in the process creates a bond between us and the product.

7 Stories to read this weekend

Google cars, new attitudes towards mass transit, crazy future we live in, David Byrne, Zulily IPO, Malcom Gladwell, TED Talks and why bags made from crocodile skins so expensive — these are some of the stories on menu this weekend.