Saturday, November 26

Jack Dorsey to step down as CEO of Twitter

  • The current CTO, Parag Agrawal, is elected by the board of directors as the new CEO of the platform

  • Dorsey founded the popular social network in 2006 and lately his leadership had been questioned by investors and employees.

Capital change in Twitter. The co-founder of the red social, Jack Dorsey, has resigned as Chief Executive Officer (CEO). After a vote, the board of directors of the platform has unanimously decided that his position will be held Parag Agrawal, until now CTO.

This has been confirmed by Dorsey himself in a statement published on the blue bird social network. “I have worked hard so that this company can shed its foundation and its founders,” he explained. “My confidence in Parag runs deep. His work over the last 10 years has been transformative. It is his time to lead.”

The new CEO of Twitter will thus be Parag Agrawal, who joined the company in 2011 as an ad engineer and in 2018 became the platform’s chief technology officer. In his message, Dorsey has communicated that Bret Taylor assumes the position of president of the board of directors of the social network.

Leadership questioned

According to anonymous sources from the company to the US network CNBC and later confirmed by media and agencies such as Reuters, the leadership of Twitter has been preparing for Dorsey’s goodbye since last year. It was then that the CEO survived the attempt to Elliott Management, one of Twitter’s main shareholders, to dethrone him. The billionaire investor behind this fund, Paul Singer, questioned that Dorsey was in charge of two publicly traded companies, such as Twitter and Square, and asked that he resign from one of his positions. That pressure ceased after reaching an agreement with Twitter.

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Dorsey, 45, is also currently CEO of Square, Twitter’s payment platform. In addition to Elliott Management and other shareholders, Dorsey’s leadership has also been questioned by platform employees, who criticized him for spending too much time on other projects.

His heir must lead the efforts of the social network to accelerate its innovation to compete with rivals such as Facebook O TikTok and meet ambitious goals: close 2023 with 315 million users monetizable daily assets and double your annual income. After founding Twitter, Dorsey assumed the position of CEO until 2008, when he was removed from the position. In 2015, following the resignation of Dick Costolo, took over again.

Shares of Twitter have soared 9% after CNBC broke the news. Square’s have been revalued by 3%. The share price has been suspended before the expected announcement.

Interest in the crypto world

It is unknown what steps will be taken by Dorsey, who in recent years has shown his growing interest in the world of cryptocurrencies and technology NFT, which serves to certify sole ownership over an exclusive digital asset. In September he opened Twitter to accept payments in Bitcoin and has also shown interest in creating a decentralized social network where the user chooses what type of algorithm he wants to recommend content.

Related news

His latest message on the social network seems to confirm the information advanced by CNBC: “I love Twitter & rdquor ;.

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