Twitter Chief Govt Officer Jack Dorsey has resigned from his position and firm CTO Parag Agarwal has been unanimously chosen by the board as his successor. The corporate’s board has been getting ready for Dorsey’s departure since final yr, a supply advised Reuters. The information comes as Twitter has accelerated the tempo of its product innovation over the previous yr to compete with social media rivals resembling Fb and TikTok, and to achieve its aim of doubling annual income by 2023.
Dorsey additionally tweeted to elucidate his causes for stepping down as Twitter CEO after 16 years.
undecided anybody has heard however,
I resigned from Twitter pic.twitter.com/G5tUkSSxkl
— jack⚡️ (@jack) November 29, 2021
Shares of the microblogging platform surged 9 p.c in early buying and selling, whereas these of digital funds agency Sq., of which Dorsey can be chief government, had been up 3 p.c.
Buying and selling within the shares was then suspended forward of an anticipated announcement.
In his newest tweet on November 28, Dorsey mentioned: “I really like twitter”. The “likes” on that tweet surged to greater than 54,000 on Monday.
CNBC was first to report Dorsey’s transfer.
In early 2020, Dorsey confronted calls from Elliott Administration Corp to step down, after the hedge fund argued that he was paying too little consideration to Twitter whereas additionally operating funds processing firm Sq. Inc.
Dorsey fended off the strain by giving Elliott and its ally, buyout agency Silver Lake Companions, seats on Twitter’s board.
© Thomson Reuters 2021