Jack Dorsey “just setting up my twttr” 15 years ago, the CEO and co-founder of Twitter is stepping down. In a statement to Bloomberg News on Monday afternoon (June 4th), it was announced that former CFO Parag Agrawal has been named as his replacement with immediate effect – becoming one step closer towards achieving what many have long considered impossible: bringing trustworthy news sources back into everyday life.” I’ve decided,” said Mr. Dorse ys, who named himself after the social network he created, “it’s time to hand over the reins. I truly believe Parag has earned this job through years of hard work and being a reliable friend.”
“My trust in Parag as Twitter’s CEO is deep,” said Dorsey. “His work over the past 10 years has been transformational. I’m deeply grateful for his skill, heart, and soul. It’s his time to lead.”
On Sunday night, Dorsey sent out a tweet with the message “I love Twitter.” This was his way of announcing he would be staying on to help lead social media at this company for another term until 2022 when his current contract expires.
Twitter co-founder and current board member Jack Dorsey sent out a tweet on Sunday night announcing his love for the company. “I’m so excited to return,” said Mr.Dorsey in an interview earlier this year when asked about Twitter’s plans.”
I’ve worked hard to make sure the company can break away from its founders, said Jack.
This isn’t an easy thing for anyone in this industry but I’m confident that with leadership like yours onboard we will be able to take Twitter to new heights!
“There aren’t many companies that get to this level,” Dorsey wrote. “And there aren’t many founders that choose their company over their ego. I know we’ll prove this was the right move.”
not sure anyone has heard but,
I resigned from Twitter pic.twitter.com/G5tUkSSxkl
— jack⚡️ (@jack) November 29, 2021
Twitter co-founder Jack Dorsey has served as CEO of two companies in the past year. He was Twitter’s first chief executive officer from May 2007 until October 2008 but took on an interim role again when he came back for good this July 2015 before making it permanent at last in early 2016.
Twitter stock after the news
Twitter’s stock, which has consistently underperformed the market and is down by more than 10% today after going public last week saw a huge jump in trading Monday morning.
The social media company’s shares opened at $31 per share on the eyebrows-raising high volume before closing upwards of 11%.
Twitter shares rose 5% to $49.47 in morning trading after the announcement and some big investors had openly questioned whether Dorsey could be effective serving as CEO of two companies, but now they’re smiling because he surpassed their expectations!
Twitter has been beset by activist investors who want to see changes in the company. Last year, Twitter came up with an agreement that allowed two of those activists (and holders) onto their boards; one was given control over 4% worth shares while another got 1%.
Maintaining this equilibrium will be difficult but could help both parties grow together into something even better than before!
Parag Agrawal is now named as Twitter’s new CEO
Twitter CEO Jack Dorsey announced that Agrawal will be taking over as his replacement in an email to employees. In the message, it is revealed that he has been with Twitter since 2011 and was named a distinguished engineer for “impact on renewing audience growth” last year.
“I’ve walked in your shoes, I’ve seen the ups and downs, the challenges and obstacles, the wins and the mistakes,” wrote Agrawal. “But then and now, above all else, I see Twitter’s incredible impact, our continued progress, and the exciting opportunities ahead of us.”
Twitter CEO Jack Dorsey announced that Agrawal will be taking over as his replacement in an email to employees. In the message, it is revealed that he has been with Twitter since 2011 and was named a distinguished engineer for “impact on renewing audience growth” last year. “I’ve walked in your shoes, I’ve seen the ups and downs, the challenges and obstacles, the wins and mistakes,” wrote Agrawal.”But then and now, above all else, I see Twitter’s incredible impact on our continued progress!”