Twitter () shares, which had risen almost 14% over the last six months, fell as much as 3.9% to $22.41.
Twitter, which has struggled to attract ad dollars, has been slashing expenses in an effort to turn a profit. (Dorsey, Twitter's actual CEO, is still part-time at the company as he also runs the payments company Square.) Noto was the architect of Twitter's big strategy bet on live video, for example, including its deal with the NFL in 2016 to stream Thursday Night Football.
Noto joined Twitter in 2014 as its CFO under then CEO Dick Costolo. "I'm excited to work with Tom and the rest of the SoFi team". He's been a friend, partner and mentor to me for years.
He said he was sad to see Noto leave, but "happy for him and really proud of everything he's accomplished at Twitter". And he was the Twitter executive most responsible for assuring Wall Street that better days were ahead, Wells Fargo analyst Peter Stabler said.
Noto's role at SoFi is slated to begin March 1, at which time Interim CEO TomHutton will become a non-executive chairman of the board.
Noto is taking over at SoFi at a time of some uncertainty, following the recent departure of co-founder and CEO Mike Cagney amid sexual harassment allegations and other problems at the online bank.
Twitter said this morning that other members of the executive team will assume Noto's responsibilities in the areas of business operations and revenue generation.
Twitter, which has 330 million monthly active users, is scheduled to report its fourth-quarter earnings on February 8 before the market opens.