Twitter co-founder Jack Dorsey stepping down as CEO

FILE PHOTO: FILE PHOTO: Twitter CEO Jack Dorsey addresses college students throughout a city corridor on the Indian Institute of Know-how (IIT) in New Delhi, India, November 12, 2018. REUTERS/Anushree Fadnavis/File Photograph/File Photograph

Twitter co-founder Jack Dorsey will step down as CEO of the social media platform, the corporate introduced. He shall be succeeded by Twitter’s present Chief Know-how Officer Parag Agrawal.

Dorsey will stay on the board till his time period expires in 2022.

Agrawal has been CTO since 2017 and at Twitter since 2011.

In a letter posted on his Twitter account, Dorsey mentioned he was “actually unhappy…but actually completely happy” about leaving the corporate and that it was his choice.

Dorsey has confronted a number of distractions as CEO, beginning with the truth that he’s additionally founder and CEO of the funds firm Sq.. Critics have lengthy complained that the association has divided his consideration to Twitter’s detriment.

Shares of Twitter are surging on a report that co-founder Jack Dorsey will step down as the corporate’s chief government.

Twitter’s inventory, which has constantly underperformed the market, jumped greater than 10% on the opening bell Monday earlier than buying and selling was halted pending information.

CNBC first reported that Dorsey could step down quickly, citing nameless sources.

Twitter Inc. didn’t instantly reply to a request for remark from The Related Press early Monday. On Sunday, Dorsey despatched the tweet “I really like Twitter.”

Dorsey can also be the highest government at Sq., a monetary funds firm that he based, and a few large traders have brazenly questioned whether or not he will be efficient main each.

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Final 12 months, the corporate got here to an settlement with two of these activist traders that saved Dorsey within the high job and gave a seat on the corporate board to Elliott Administration Corp., which owned about 4% of Twitter’s inventory, and one other to Silver Lake.

Twitter was caught up within the heated political environment main as much as the 2020 election. Former President Donald Trump was banned from Twitter, with Dorsey defending the transfer, saying the Jan. 6 Capitol riot and

Trump’s tweets after the occasion resulted in a danger to public security and created an “extraordinary and untenable circumstance” for the corporate. Trump sued the corporate, together with Fb and YouTube, in July for alleged censorship.

The early days of Twitter started with a tweet despatched by Dorsey on March 21, 2006, that learn “simply organising my twttr.” Twitter went via a interval of strong progress throughout its begin, however as the expansion slowed the San Francisco firm started tweaking its format in a bid to make it simpler and extra partaking to make use of.

Dorsey initially turned Twitter CEO in 2007, however was pressured out the subsequent 12 months. He returned to the position in 2015.