Twitter's Pain is Square's Gain

NEW YORK ( TheStreet) -- Twitter co-founder Jack Dorsey announced that he doesn't spend much time at the company he co-founded along with Biz Stone and Evan Williams anymore, choosing to spend most of his time at Square.

On his Tumblr blog, Dorsey said that he only spends one day a week at Twitter; Tuesday afternoons. The rest of his time is devoted to Square, one of the leading mobile payments companies.

"There was a great profile in The New York Times about Twitter's CEO, Dick Costolo, which mentioned my work at the company. It's not a common arrangement, so I'd like to clarify a few points.

In Spring of 2011, Dick asked me to take an operational role overseeing product, design, and brand. Our shared goal was to get those organizations back under him as soon as possible, simply because it was the right thing to do for the company. We moved all of my reports back under him in January of this year after leadership was firmly in place. This allowed me to focus on refining our brand and logo, to work more with Dick and the leadership team on our direction forward, and ultimately return the majority of my time to Square, where I'm CEO. I'm back to going to Twitter on Tuesday afternoons, something I started before taking the interim operational role.

We haven't talked about this publicly because it's not what people using Twitter every day care about.

I'm fortunate in life to be a part of two foundational and mission-driven organizations, and I'm always going fight like hell to make them thrive. And they are! Now back to our work."

In its recent profile of Twitter CEO Dick Costolo, The New York Times reported that Dorsey's role at Twitter had been reduced "...after employees complained that he was difficult to work with and repeatedly changed his mind about product directions."

Twitter competes in the social networking space with Facebook ( FB), and Google +, owned by Google ( GOOG).

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-- Written by Chris Ciaccia in New York

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