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Twitter shares fall as chief operating officer leaves to take helm of SoFi

Anthony Noto, who joined Twitter in 2014, has been appointed chief executive of social lender SoFi

Twitter's shares dropped in early US trading

Twitter Inc (NYSE:TWTR) shares fell as it confirmed that chief operating officer Anthony Noto is to step down in March.

Noto, who joined Twitter in 2014, is leaving to become chief executive of social lender SoFi.

READ: Twitter achieves record profitability (sort of)

"Anthony has been an incredible advocate for Twitter and a trusted partner to me and our leadership team," Twitter chief executive Jack Dorsey in a statement.

Twitter said Noto's responsibilities in “business operations and revenue generating operations" will be handled by other executives.

Noto was a top tech banker at Goldman Sachs and led Twitter’s initial public offering in 2013 before joining the company a year later. 

Noto said working at Twitter had been "a once in a lifetime opportunity".

"I am immensely proud of our team and the key milestones we achieved during my time at the company," he said.

SoFi, which has more than 430,000 members and funded US$25bn (£18bn) in loans in 2017, said Noto's expertise in technology, consumer, and financial businesses made him the perfect fit as its chief executive. 

Shares in Twitter declined 2.4% to US$22.7 in early US trading after falling more than 3% on Monday on the news that Noto could be poached by SoFi.

MKM Partners’ analysts said Noto's departure could hurt Twitter's turnaround plans. 

-- Updates details about new role and share price ---

Quick facts: Twitter Inc

Price: 32.99 USD

Market: NYSE
Market Cap: $25.88 billion

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