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Twitter’s Jack Dorsey resigns as CEO

Jack Dorsey at the Bitcoin 2021 conference in Miami in June.

Eva Marie Uzkategi / Bloomberg / Getty Images

Jack Dorsey Have Get off As Chief Executive Officer twitter, He gave the top spot to Parag Agrawal, the company’s chief technology officer, on a social network he co-founded almost 16 years ago.

“We believe the company is ready for the transition from its founder, so we decided to quit Twitter,” said Dorsey, CEO of the payments company. squareSaid in a statement on Monday. “My trust in Parag as Twitter CEO is deep.”

Dorsey will remain on Twitter’s board of directors until the end of his 2022 term to assist in the transition. CNBC Reported the move at the beginning of Monday.

Parag-Agrawal

New Twitter CEO, Parag Agrawal

twitter

The leadership shift will occur as Dorsey and Twitter are increasingly watched by investors seeking better returns and lawmakers concerned about the company’s moderation policy for political speeches. Last year, Elliott Management, an activist investment fund, said Started to apply pressure Leave Dorsey after the CEO says he wants to spend up to half a year in Africa.The fund will eventually Signed a contract With a company that allowed Dorsey to remain the CEO. The transaction included a $ 1 billion inflow of new capital from large technology investor Silver Lake.

Twitter also opposes the accusations of censoring conservative politicians and commentators, but has taken a rare step earlier this year to permanently ban them. Donald TrumpDue to concerns that his remarks, then president, could incite violence after January 6th Capitol Hill Riot..

Under Dorsey’s leadership, Twitter has newsletters, live audio, Tip To attract more users. He also oversaw the company’s first profits recorded in 2018 and set a goal of doubling annual revenue to at least $ 7.5 billion by 2023. With 211 million users a day watching ads, Twitter wants to reach at least 315 million. Daily active users in 2023.

Elliott Management’s managing partner Jesse Cohn and senior portfolio manager Marc Steinberg have expressed their support for a change in leadership.

In a statement, the pair said, “Twitter is currently running against an ambitious multi-year plan to dramatically increase the company’s reach and value. Looking forward to the next chapter in Twitter’s story. “.

so Farewell email Dorsey told Twitter employees that he was ready to get over the “founder-led” structure and would leave the company, avoiding the issue of external pressure.

“I want you to know that this is my decision and I own it,” Dorsey wrote in an email. Tweet.. “I’m really sad … but I’m really happy.”

“He’s a leader with heart and soul, and I’m learning every day,” said Dorsey, confident in Agrawar’s ability to run Twitter.

Agrawal joined Twitter in 2011 According to the company, he has been the CTO of the company since 2017. As CTO, he led the technology strategy for social networks and promoted the use of machine learning on Twitter.

Agrawar followed up with his own memo to the employee, Share on Twitter.. In that memo, he said he was focusing on future company opportunities.

“We recently updated our strategy to reach our ambitious goals. I believe that strategy is bold and correct,” he writes. “But our key challenge is how to do it and work to get results. That’s how Twitter is the best for our customers, shareholders, and each of you. is.”

Agrawal, who has more than 109,600 followers on Twitter, rarely shares his thoughts on social networks. According to his timeline, he tweeted or retweeted only 24 times this year. Dorsey’s Twitter has 5.9 million followers.

The company’s stock price soared and settled in response to news coverage on Monday morning. About 3% taller than. After that, the transaction was suspended.

Dorsey had I have been the CEO of social networks since 2015, When he took over following Dick Costolo’s resignation. Dorsey also temporarily served as Twitter’s first CEO since 2007, but was fired 16 months later.

When Dorsey first returned, Twitter went through a rough patch. In 2016, the company reduced its 9% Labor force, And reports that several companies, including Disney and Salesforce, are interested in buying Twitter have surfaced. The transaction was not closed.The company also killed Short video app Vine Before TikTok became popular.

Dorsey also led the company through a period of thorough scrutiny of social media platforms. Together with Facebook’s parent company CEO Mark Zuckerberg, Dorsey frequently visited Congress and testified in multiple social media hearings. (See the highlight reels that Dorsey and Zuckerberg appeared in November 2021 before the Senate. here.. )


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During his tenure on Twitter, Dorsey has cultivated the image of a leader in New Age technology. He eats one meal a day and takes an ice bath.According to the New York Times, who called him the “New York Times.”Gwyneth Paltrow in Silicon Valley“Dorsey also has a meditation retreat, which sometimes annoys him. In 2018, executives faced. Voice criticism By traveling to Myanmar in a meditation hideout amid international criticism, national troops committed widespread human rights abuses against the Rohingya people of the country, a minority of Islam.

Dorsey’s ownership of Twitter made him a millionaire. NS Bloomberg Millionaire Index With over $ 12 billion in wealth, Dorsey is ranked as the 174th wealthiest person in the world.

according to Documents submitted to the SEC, Agrawal receives a salary of $ 1 million.By comparison, Dorsey famously took 2018 Salary of $ 1.40, 1 cent for each character the tweet was initially limited to. (Agrawal is also eligible for bonuses and share grants.)

Dorsey will continue to be the CEO of Square, a digital payments company co-founded in 2009. Square in July Bitcoin Help developers design decentralized financial products.Dorsey with Bitcoin Helped to form a donation To make it an “internet currency”.



https://www.cnet.com/tech/twitters-jack-dorsey-steps-down-as-ceo/#ftag=CADf328eec Twitter’s Jack Dorsey resigns as CEO

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