Ah, Twitter—the social media platform where you can say anything that comes to mind as long as the message is 150 characters or less. According to Static Brain, currently around 58 million tweets per day are sent, the site receives 190 million unique visitors every month, and 135,000 users begin to leverage Twitter within a 24 hour period. While the company is doing extremely well, everything doesn’t appear to be rainbows and lollipops over in Twitter land as we see with the recent news about Chief Executive Dick Costolo resigning as director of Twitter UK surfacing just last week.
Reports reveal that the company has already replaced Costolo with a Dublin-based accountant who goes by the last name of O’Brien, yet it appears as if the resignation is b tied with the closing of TweetDeck Ltd., an add-on company for the social networking giant. The firm was shut down apparently because it was not in compliance with various mandates related to accounting including the fact that it never even filed its 2011 accounts.
Well aware of the mistake since both Twitter UK and TweetDeck were forced to pay fines late last year for not meeting the deadline for the filings, the U.K. division of Twitter did eventually file its returns while TweetDeck completely overlooked them. At the time, a spokesman from Companies House, the firm that uses the return to process tax filings with HM Revenue and Customs (HMRC) commented, “Companies House records show Twitter's accounts should have been delivered by September 30 but there is no indication this has been done. There is no indication at this stage when the accounts will be available but as a matter of routine we will already be in correspondence with the companies to request that they file as soon as possible."
The obvious negligence on behalf of TweetDeck in turn prompted officials to take action and dissolve the organization completely.
Highlighted for the major mistake was yup, you guess it, Costolo along with Alex Macgillivray, the company’s general counsel and head of Trust and Policy. While Costolo made the decision to move on completely from Twitter, Macgillivray is still a director there.
Opening its doors back in 2008 and founded by computer programmer Iain Dodsworth, Twitter bought TweetDeck for around $25 million in 2012. So, while the social media site is flying high in regards to revenue, it may want to take a closer look at the actions of all of its related entities in the future.
Edited by Ashley Caputo