Jack Dorsey steps down as Twitter Chief, announces new leader
Share this article:
Jack Dorsey has used Twitter to announce his resignation from Twitter.
not sure anyone has heard but,— jack⚡️ (@jack) November 29, 2021
I resigned from Twitter pic.twitter.com/G5tUkSSxkl
Some shareholders have been unhappy about dual roles by Dorsey. The billionaire founder of the social media giant is also serving as the CEO of a fintech company, Square. It has been argued that his attention is divided and therefore impacting negatively on Twitter. According to CNBC the Twitter stock jumped on the news of a potential step down by Dorsey.
In response to one Twitter user, Dorsey said: “I love twitter “
Jack Dorsey has led major improvements for Twitter throughout the pandemic. When Clubhouse launched the audio platform Twitter launched Spaces in response. Lately Twitter has introduced ways in which users can earn money from followers. News of Jack Dorsey stepping down come at a time when the platform is also considering crypto. Twitter has been working on a way for users to display NFTs in their profile and, more broadly, Twitter houses Bluesky, a decentralized web project.
Jack Dorsey stepping may be positive for Square.
In a letter to staff he also announced Parag Agrawal as his successor. Parag Agrawal has been with Twitter for the past decade. He joined Twitter as Distinguished Software Engineer and then became the chief technology officer.As the CTO, Parag was responsible for "Twitter’s technical strategy and overseeing machine learning and AI across the consumer, revenue, and science teams".Before Twitter, Parag Agrawal worked with Microsoft, Yahoo and AT&T Labs.Parag Agrawal studied B Tech in Computer Science and Engineering at IIT Bombay and completed his PhD from Stanford University.