Jack Dorsey has confirmed that he has stepped down as Twitter chief executive. Earlier, CNBC, citing sources, reported this.
not sure anyone has heard but,
I resigned from Twitter pic.twitter.com/G5tUkSSxkl
— jack⚡️ (@jack) November 29, 2021
According to the press release, the board unanimously appointed Parag Agrawal as CEO and a member of the board. He previously held the position of the company’s chief technology officer.
Dorsey will remain on the board until the end of his term at the shareholders’ meeting in 2022. Bret Taylor has replaced Patrick Pichette as chair. The personnel changes take effect immediately.
“I decided to leave Twitter because I believe the company is ready to part ways with its founders. I have deep faith in Parag as Twitter’s chief executive. Ten years of his work have changed the company. I am deeply grateful for his craft, heart and soul. The time has come for him to lead,” Dorsey said.
The company’s shares reacted positively to the news.
In 2020, sources at Bloomberg and CNBC reported that Elliott Management, which had acquired a significant stake in Twitter, was unhappy with Dorsey — specifically with his simultaneous leadership of the social network and the payments company Square. It remains unclear whether Elliott Management has any involvement in a potential resignation.
On November 28, Dorsey wrote:
“I love Twitter.”
I love twitter
— jack⚡️ (@jack) November 28, 2021
“Jack deserves a break, but I don’t believe it will be positive for the platform,” Carter emphasised.
Dorsey was Twitter’s CEO until 2008 — he was ousted from the post but remained as chairman of the board. In 2015, he again headed Twitter.
Forbes values Dorsey’s net worth at $11.9 billion and places him 173rd on the billionaire list. The magazine also named him Fintech Person of the Year in 2020.
Dorsey is a Bitcoin advocate. In his view, one of the three key trends shaping the future of social networks, alongside artificial intelligence and decentralisation.
Square invested in digital gold $50 million and $170 million. In the first quarter of 2021, BTC sales via the Cash App brought the payments company $3.51 billion.
In July, the firm announced that it was developing a hardware wallet and a service for storing Bitcoin. Later, Dorsey said Square was considering the possibility of creating an open-source device to mine the first cryptocurrency.
Dorsey also stated that work on an open TBD platform to build a decentralised Bitcoin exchange based on his payments company. A few months later he published a link to a white paper.
In September, Twitter allowed content creators to accept donations in the first cryptocurrency.
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