Discord names new CEO ahead of potential IPO as co-founder steps down
Headphones are seen in front of the Discord app logo in this illustration taken March 29, 2021.
Dado Ruvic | Reuters
Discord co-founder and CEO Jason Citron is stepping down from the gaming-focused social messaging service, the startup said Wednesday.
Citron will be replaced by former Activision Blizzard Vice Chairman Humam Sakhnini, who will assume the reigns as Discord CEO and join the company’s board on Monday. Citron will remain on Discord’s board and become an advisor to the CEO, the company said.
In a public memo to employees, Citron said “it feels like the right time” to move on from the executive role and that the company has a “clear strategy, new business lines to grow into, love and passion from our users, and an incredible team of people working tirelessly to deliver for them.”
“The job of a CEO is constantly evolving, and over the years I have continuously ‘hired myself out of a job,'” Citron wrote. “Usually that means delegating work and then taking on different leadership challenges. However, as I look at what is needed of Discord’s CEO over the next few years, I realize that it’s time for me to literally ‘hire myself out of a job.'”
Citron credited Sakhnini’s 15-year experience in the video game industry as helping steer the startup he co-founded alongside Chief Technology Officer Stanislav Vishnevskiy in 2012, when it was initially a gaming studio before its 2015 pivot to online communications.
At Activision Blizzard, Sakhnini helped oversee major gaming franchises such as World of Warcraft, Call of Duty and Candy Crush, the company said. Vishnevskiy will remain Discord’s CTO.
Discord’s executive change comes amid media reports that it met with investment bankers to discuss a possible initial product offering as soon as this year. A Discord spokesperson told CNBC in a statement that it does “not comment on rumors or speculation” and that it is focused on “delivering the best possible experience for our users and building a strong, sustainable business.”
A member of CNBC’s Disruptor 50 list, Discord has roughly 200 million global monthly active users who access its “servers” to discuss shared interests using text, voice or video. Discord has raised a total of $1.1 billion and is valued at around $14.7 billion, according to PitchBook.
An electric air taxi by Joby Aviation flies near the Downtown Manhattan Heliport in Manhattan, New York City, U.S., November 12, 2023.
Roselle Chen | Reuters
Air taxi maker Joby Aviation in a new lawsuit accused competitor Archer Aviation of using stolen information by a former employee to “one-up” a partnership deal with a real estate developer.
“This is corporate espionage, planned and premeditated,” Joby said in the lawsuit filed Wednesday in a California Superior Court in Santa Cruz, where the company is based.
Archer and Joby did not immediately respond to CNBC’s request for comment.
The lawsuit alleges that former U.S. state and local policy lead, George Kivork, downloaded dozens of files and sent some content to his personal email two days before he resigned in July to take a job at Archer, which had recruited him.
By August, Joby said a partner that worked with Kivork said it had been approached by Archer with a “more lucrative deal.” Joby alleges that the eVTOL rival’s understanding of “highly confidential” details helped it leverage negotiations.
Joby also said the developer attempted to terminate the agreement, citing a breach of confidentiality.
Kivork refused to return the files when Joby approached him after conducting an investigation, according to the suit. The company also said Archer denied wrongdoing, and would not disclose how it learned about the terms of the agreement or provide results from an internal investigation it allegedly undertook.
The lawsuit comes during a busy period for electric vertical takeoff and landing (eVTOL) technology as companies race to gain Federal Aviation Administration certification to start flying commercially. ‘
The sector has also benefitted from President Donald Trump‘s newly minted eVTOL pilot program.
Joby argued in the complaint that it’s “imperative” to protect Joby’s work “from this type of espionage” to promote the sector’s success and ensure fair competition.
Last week, Joby said it completed its first test flight for a hybrid aircraft it’s working on with defense contractor L3Harris. This month, Amazon-backed Beta Technologies, another electric flight company, also went public on the New York Stock Exchange.
Joby shares have more than doubled over the last year, while Archer is up about 68%.
In August 2023, Archer settled a previous legal dispute with Boeing-owned Wisk Aero over the alleged theft of trade secrets. As part of the deal, Archer agreed to use Wisk as its autonomous tech partner.
A hearing is scheduled for March 20, 2026.
Joby and Archer year-to-date stock chart.
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