Inflation may be burning up the charts.
Twitter’s (TWTR) – Get Twitter, Inc. Report fate may be hanging in the balance.
The world may be lurching towards a once unthinkable confrontation between the East and the West.
But for hipster executives atop noteworthy companies, the important thing is to have the right job title.
No longer is the description “chief executive officer” or “chief financial officer” enough to indicate power, prestige and hierarchical standing.
If you’re really at the top, you’ve got to be able to flaunt convention and set yourself apart from the crowd with a truly unique label.
Musk’s Ambitions to Royalty
Elon Musk — of course — got the thing started last year when he officially changed his title at Tesla (TSLA) – Get Tesla Inc Report as well as that of the EV maker’s chief financial officer.
Tesla said on March 15, 2021, in a filing with the Securities and Exchange Commission that “Effective as of March 15, 2021, the titles of Elon Musk and Zach Kirkhorn have changed to Technoking of Tesla and Master of Coin, respectively.”
The company was quick to add, however, that “Elon and Zach will also maintain their respective positions as Chief Executive Officer and Chief Financial Officer.”
Mark Zuckerberg took the concept in a different direction.
Zuckerberg famously set himself apart from Wall Street by wearing hoodies to business meetings when Facebook was getting ready for its IPO. About $500 billion of market cap later, all of that youthful brashness has long since been forgiven or forgotten.
But when things started to heat up more recently over how much Facebook’s business model relies on algorithms that amplify disinformation and conspiracy theories, Zuckerberg latched onto a clever idea.
He just changed the company’s name. And not just to any name, but something obscure and difficult to explain: Meta.
It proved to be an inspired choice. As the world continues to struggle to understand and explain what the heck the metaverse is — virtual hyperware perhaps? — the distraction and confusion have helped to diffuse much of the vitriol that was being aimed at the company.
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A Chip Off the Old…
In December, Twitter co-founder and cryptocurrency enthusiast Jack Dorsey gave up his CEO role at the social media company to focus on his other job as CEO of Square.
At the same time, Square’s name — but not its ticker — was changed to Block (SQ) – Get Block Inc Class A Report.
Apparently, the idea was to connect the mobile payments company more closely with its, or at least Dorsey’s, cryptocurrency aspirations.
Now, coming full circle, Dorsey has moved to change his title at Block as well.
No longer will he be CEO.
No, according to an SEC filing Friday, Dorsey will now be simply “Head” of Block.
Pretty cute, huh?
Of course, Block’s board had to jump through a few hoops to remove “the requirement to have an officer with the title of Chief Executive Officer and President,” according to the filing.
And, in a bow to tradition, Dorsey will continue to also serve as “Chairperson.”
But, in case anybody was worried, “There will be no changes in Mr. Dorsey’s roles and responsibilities, and he will continue to serve as principal executive officer of the Company.”
Oh, and on Saturday, Musk tweeted his approval.