Jack Dorsey resigned from his role as the CEO of Twitter today. He will be succeeded by the company’s CTO, Parag Agrawal.
In an announcement this morning, Jack indicated that he has “worked hard to ensure [Twitter] can break away from its founding and founders” and that “now is the right time” to make that break. 👋 👋
Dorsey’s departure marks the conclusion to a decade-long term as CEO. Dorsey was one of the company’s co-founders, and he’s been an active player since Twitter’s founding in 2006. In many ways, Dorsey represented the soul of Twitter. 😢
However, Dorsey’s resignation is no surprise to people who have been carefully tracking $TWTR‘s share price. The social media giant has been assailed by activist investors who complain of disappointing revenue growth.
Investors have also complained that Dorsey has his hands full with other ventures, including his role as the CEO of payments giant Square.
Fortunately, Jack is likely to move on to greener pastures (namely, crypto and his ongoing role at Square.) Given his enormous passion for payments, creative spaces, and crypto, it’s likely his talents won’t be misplaced.
$TWTR fell 2.6% today.