Twitter co-founder Jack Dorsey steps down as CEO
Twitter co-founder Jack Dorsey will step down as CEO of the social media platform, the company said. He will be replaced by the current Chief Technology Officer of Twitter, Parag Agrawal.
Dorsey will remain on the board until her term expires in 2022.
Agrawal has been CTO since 2017 and at Twitter since 2011.
In a letter posted to his Twitter account, Dorsey said he was “really sad … but really happy” to be leaving the company and that was his decision.
Dorsey has faced several distractions as a CEO, starting with the fact that he’s also the founder and CEO of the payments company Square. Critics have long complained that the arrangement has divided its attention to the detriment of Twitter.
THIS IS A CURRENT UPDATE. AP’s previous story follows below.
Twitter shares are skyrocketing following a report that co-founder Jack Dorsey will step down as chief executive of the company.
Twitter action, which has consistently underperformed the market, jumped more than 10% at the opening bell Monday before trading was halted pending further news.
CNBC initially reported that Dorsey could resign soon, citing anonymous sources.
Twitter Inc. did not immediately respond to an Associated Press request for comment on Monday morning. Dorsey sent the “I like Twitter” tweet on Sunday.
Dorsey is also the chief executive of Square, a financial payments firm he founded, and some large investors have openly questioned whether he could be effective at the helm of both.
Last year, the company struck a deal with two such activist investors who kept Dorsey at the top and gave a board seat to Elliott Management Corp., which held around 4% of Twitter’s shares, and another in Silver Lake. .
Twitter was caught in the heated political atmosphere leading up to the 2020 election. Former President Donald Trump was banned from Twitter, with Dorsey defending the move, claiming the January 6 riot on Capitol Hill and Trump’s tweets after the event resulted in a risk to public safety and created an “extraordinary and untenable circumstance” for the company. Trump sued the company, along with Facebook and YouTube, in July for alleged censorship.
The early days of Twitter started with a tweet from Dorsey on March 21, 2006 that said “just set up my twttr”. Twitter went through a period of robust growth during its early days, but as growth slowed, the San Francisco-based company began tweaking its format with the goal of making it easier and more attractive to use.
Dorsey initially became CEO of Twitter in 2007, but was forced to step down the following year. He returned to the role in 2015.