Money Matters - Simplified

Twitter board shrinks: 2 members step down

Both departing directors are widely seen as an important figure in the micro-messaging site’s development.

Two major power players have left Twitter in the last 24 hours. The microblogging company confirmed Friday that its two board members are stepping down, bringing the size of its board to seven directors from nine.

Also, Twitter announced that and its chief scientist was leaving the company.

The latest reshuffling at the social-networking service follows a recent round of financing that valued Twitter at around $8 billion.

Wilson, Sabet were Twitter's early investors
A spokesman for Twitter Inc. announced Friday the exit of board members Fred Wilson and Bijan Sabet, two of company's earliest investors.

Wilson, a principal at the venture capital firm Union Square Ventures and the writer of a popular blog, and Bijan Sabet, a general partner at Spark Capital, were early investors in Twitter, which was created by a 10-person startup in San Francisco in 2006.

A spokesman for Twitter Inc. announced Friday the exit of board members Fred Wilson and Bijan Sabet, two of company's earliest investors.

2 directors are key behind Twitter’s success
Both departing directors are widely seen as an important figure in the micro-messaging site’s development.

"Bijan Sabet and Fred Wilson both played important and greatly appreciated roles in our success," the spokesman said in a statement. "Both saw what Twitter could become before most anyone else. We look forward to their continued input as both investors in the company and passionate users of the product."

Citing a person familiar with the matter, The Wall Street Journal reports that the parting directors eventually will be replaced, while News 24 has quoted a source as saying that the company has no plans to appoint new directors to replace Wilson and Sabet.

Chief scientists leaves Twitter
On Thursday, another big name, Abdur Chowdhury, Twitter’s chief scientist, announced his departure from the online-messaging service.

Chowdhury came to Twitter from search engine Summize, which he helped co-found, and it was acquired by Twitter in 2008.

Chowdhury was responsible for implementing Twitter Search and Trends among other projects at Twitter over the years.