Twitter shares fall on fear top executive Noto may leave
- Start-up SoFi is offering to make Twitter COO Anthony Noto its CEO, a source familiar with the situation told CNBC.
- A decision is likely in the next few days, the source says.
- Twitter's stock is up more than 40 percent over last 12 months.
Shares of Twitter slipped more than 1 percent in early trading Monday after reports over the weekend that Twitter's COO Anthony Noto is in discussions to leave for another company.
Noto is among those being considered to be the next CEO of SoFi, a start-up building a digital lending business, CNBC confirmed.
"It would be difficult for Twitter to find a replacement for Anthony Noto," Evercore ISI analysts wrote in a note Monday.
A source familiar with the situation told CNBC the offer was extended to Noto but the terms of the agreement have yet to be solidified. A decision is likely in the next few days, the person added.
SoFi did not respond to CNBC's requests for comment. The Wall Street Journal first reported the news.
Noto was formerly a banker at Goldman Sachs. He has long chased the dream of becoming a chief executive, according to Recode. A revolving door of executives at Twitter has not included Noto. Evercore ISI highlighted Noto's "constant presence," saying he "has been a reassuring force for investors even amidst the stock's volatile performance over the past several years."
" New leadership would compound challenges to the stock, should results deviate from the current narrative of rebounding growth," the firm wrote.
Twitter declined CNBC's request for comment, saying the company's policy is not to comment on rumors and speculation.
Twitter's stock has risen nearly 43 percent over the last year.
— CNBC's Sally Shin and Patricia Martell contributed to this report.