Twitter co-founder Jack Dorsey was named permanent CEO after a three-month interim period. He will continue to serve as CEO of Square, the payment services company he also co-founded. Marketplace’s senior tech reporter Molly Wood explains the move.

On the value of Twitter:

There’s a lot of value in real time. I think everybody realizes that. The original concept of Twitter was that it would bring you immediacy and it would bring you news…. There’s really a lot of value in that. What Jack needs to prove is that he can make a lot of money off that.

On defining Twitter:

If you can’t get people to understand why they should stay on Twitter, then you’ve got a really tough road ahead. Maybe it does come down to Twitter changing their algorithm and doing something that’s more like [Facebook’s] newsfeed, so that no matter who you are, if you go there you will find news that’s important to you or interesting to you. They’re talking about how people who are not logged into Twitter are spending more time there. Even if it doesn’t become a communications platform where people build up a lot of followers or talk to their followers, the goal for Twitter has to be to be interesting and make people want to come back over and over.