Jack Dorsey, a co-founder of Twitter, revealed on Monday that he will be leaving the firm and stepping down as CEO. Parag Agrawal, Twitter’s current chief technology officer (CTO), will succeed him. Jack Dorsey, the co-founder of Twitter, is leaving the firm.
Dorsey will serve on the board until the end of his tenure in 2022. Agrawal joined Twitter in 2011 and has served as its Chief Technology Officer since 2017.
Dorsey stated he was “very sad […] yet really delighted” about leaving the company in a letter posted on his Twitter account, and that it was his decision.
On Sunday, Dorsey had sent a cryptic tweet reading only “I love Twitter”.
Following the announcement, Twitter’s stock surged 5% to $49.47 in morning trading.
not sure anyone has heard but,— jack⚡️ (@jack) November 29, 2021
I resigned from Twitter pic.twitter.com/G5tUkSSxkl
Twitter caught up in the tumultuous political climate building up to the 2020 election, especially when it banned former President Donald Trump for inciting the riot at the US Capitol on January 6.
Read more about ‘Truth Social’: Trump establishes his own social media platform to fight the ‘tyranny of Big Tech.’
Dorsey justified the move, claiming that Trump’s remarks following the event put the public’s safety at danger and put the firm in an unusual and untenable situation. In July, Trump filed a lawsuit against the business, as well as Facebook and YouTube, alleging censorship.
Dorsey’s role as CEO has complicated by the fact that he is also the founder and CEO of the payments startup Square. Some significant investors have openly questioned whether he can oversee both companies effectively.
Last year, the firm reached an arrangement with two of the activist investors, keeping Dorsey as CEO and giving Elliott Management Corp, which owns roughly 4% of the Twitter stock, and Silver Lake a seat on the board.
While Twitter has high-profile users such as politicians and celebrities and is popular among journalists, its user base trails significantly behind that of older competitors such as Facebook and YouTube, as well as emerging competitors such as TikTok. It has a little more than 200 million daily active users, which is a standard industry metric.
I love twitter— jack⚡️ (@jack) November 28, 2021
Jack Dorsey, a co-founder of Twitter, revealed on Monday that he will be leaving
“Just putting up my twitter,” Dorsey tweeted on March 21, 2006, kicking off the early days of Twitter.
Twitter had rapid growth in its early years, but when it slowed, the San Francisco startup began to change its format in an attempt to make it easier and more entertaining to use.
Dorsey over as CEO of Twitter in 2007, but fired the following year. In 2015, he returned to the post.
Dorsey in his farewell letter that he work hard to ensure that the firm could break free from its origins and founders and that focusing too much on whether companies are head by their founders is “severely constraining.”
On Monday, Twitter announced the appointment of Bret Taylor as its next board chairman, succeeding Patrick Pichette.
Pichette will continue to serve on the board. Taylor is the president and COO of Salesforce, a business software company, and has served on Twitter’s board of directors since 2016.