Why Jack Dorsey Steps Down As Twitter Ceo: Parag Agrawal Succeeds Him
Jack Dorsey is stepping down as CEO of Twitter, the social media organization he co-based in 2006. He will get replaced with the aid of using Twitter's leader generation officer, Parag Agrawal, a 10-yr veteran of the organization.
Twitter inventory rose at the news, which turned into first said with the aid of using CNBC.
His paintings over the last 10 years have been transformational. I'm deeply thankful for his skill, heart, and soul. It's his time to lead."
Dorsey will continue to be at the organization's board of administrators till May of the subsequent yr. He turned into Twitter's founding CEO however left the organization as soon as earlier than after a falling out with a fellow co-founder. He lower back to the pinnacle task in 2015.
Dorsey is likewise CEO of Square, the monetary bills organization he based in 2009, and has been criticized with the aid of using a few buyers for main public organizations as soon as. The hedge fund Elliot Management, a chief shareholder, sought to update Dorsey closing yr. It argued that Twitter needs to have a CEO entirely targeted on going for walks the organization. The hedge fund sponsored off its demand, however, after hanging an address Twitter management.
Beyond going for walks between the 2 organizations, Dorsey is understood to have many passions, consisting of the cryptocurrency bitcoin and meditation. He advised Wired Magazine in 2020 that he eats simply one meal an afternoon and attempts to spend hours an afternoon meditating.
While Twitter is famous amongst celebrities, politicians, and the media, it's been gradual to innovate in comparison with pinnacle competition including Facebook, Snapchat, and TikTok. The microblogging platform has stayed in large part identical for years. Only lately has it brought new features, including Twitter Blue, a subscription provider for common users, and Twitter Spaces for audio chats, as a part of a formidable attempt to extra than double annual sales and appeal to new users.
"I consider that method to be ambitious and proper," Agrawal wrote in a be aware to Twitter personnel on Monday. "But our important task is how we paintings to execute in opposition to it and supply results — it is how we're going to make Twitter the nice it is able to be for our customers, shareholders, and for every one of you."
Dorsey shared an electronic mail to the body of workers participants pronouncing his departure on Twitter, describing it as "a hard one" however as his very own decision.
"There are not many organizations that get to this level. And there are not many founders that pick out their organization over their very own ego," he wrote. "I understand we're going to show this turned into the proper move."
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