Jack Dorsey stepped down as CEO of Twitter he co-founded. Here he was demonstrated at a bitcoin conference in June.
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Joe Raedle / Getty Images
Jack Dorsey stepped down as CEO of Twitter he co-founded. Here, he was featured at a bitcoin conference in June.
Joe Raedle / Getty Images
Jack Dorsey will step down as CEO of Twitter, the social media company he co-founded in 2006. He will be replaced by Twitter’s chief technology officer, Parag Agrawal, who has 10 years of experience. in company.
Twitter shares spiked following the news, first reported by CNBC, before trading was halted.
“I decided to leave Twitter because I believe the company is ready to continue growing from its founders,” Dorsey said in a statement. “My trust in Parag as Twitter CEO is profound. His work over the past 10 years has been transformative. I am incredibly grateful for his skill, heart and mind. his soul. It’s time for him to lead.”
Dorsey will remain on the company’s board of directors until May next year.
Dorsey is also the CEO of Square, the financial payments company, and has long been criticized by some investors for leading two public companies at once. Hedge fund Elliot Management, a major shareholder, sought to replace Dorsey last year. It has been suggested that Twitter should have a CEO who is solely focused on running the company. However, the hedge fund rejected its demand after reaching an agreement with Twitter management.
In addition to running two companies, Dorsey is known for his many passions including bitcoin and meditation. I said Wired magazine In 2020, he only eats one meal a day and tries to spend two hours a day meditating.
While Twitter is popular among celebrities, politicians, and the media, it has been slow to innovate compared to top competitors like Facebook, Snapchat, and TikTok. The microblogging platform has remained largely unchanged for many years. It was only recently introduced Features, characteristics, such as Twitter Blue, a subscription service for regular users, and Twitter space for audio chats.
On Monday, Dorsey shared a email for staff to announce his departure on Twitter, describing it as “a difficult one” but his own decision.
“Not many companies reach this level,” he wrote. “I know we will prove this is the right move.”
