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Twitter COO Anthony Noto is leaving the company to become CEO of Sofi, the loan tech company announced on Twitter. Twitter's stock was down over 3% Tuesday morning following the news.
Why it matters: It's a big loss for Twitter. Noto turned Twitter's finances around with the recent live video and video ad push, bringing the company closer to profitability than it has ever been since going public four years ago.
Between the lines, per Axios' Dan Primack: Noto is a former high-level Goldman Sachs executive, meaning that the bank is probably now clubhouse leader for SoFi 's upcoming IPO
Twitter CEO and co-founder Jack Dorsey thanked Noto for his years at the company.