Twitter co-founder Jack Dorsey is stepping down as CEO – Boston Herald

By MICHELLE CHAPMAN

Twitter co-founder Jack Dorsey will step down as CEO of the social media platform, the company announced. He will be succeeded by Twitter’s current chief technology officer Parag Agrawal.

Dorsey will remain on the board until his term expires in 2022.

Agrawal has been CTO since 2017 and on Twitter since 2011.

In a letter posted on his Twitter account, Dorsey said he was “really sad … yet really happy” about leaving the company and that it was his decision.

Dorsey has been subjected to several distractions as CEO, starting with the fact that he is also the founder and CEO of the payment company Square. Critics have long complained that the event has divided his attention to Twitter’s injury.

Twitter shares rose 5% to $ 49.47 in morning trading after the announcement.

Dorsey became Twitter CEO in 2007, but was forced out the following year. He returned to the role in 2015.

While Twitter has high-profile users like politicians and celebrities and is a favorite among journalists, its user base lags far behind old rivals like Facebook and YouTube and newer ones like TikTok. It has just over 200 million daily active users, a common industry survey.

THIS IS A BREAKING NEWS UPDATE. The AP’s past history follows below.

Shares on Twitter are rising following a report that co-founder Jack Dorsey will step down as the company’s CEO.

Twitter’s stock, which has consistently outperformed the market, jumped more than 10% at the opening clock on Monday before trading was halted pending news.

CNBC first reported that Dorsey may resign soon, citing anonymous sources.

Twitter Inc. did not immediately respond to a request for comment from The Associated Press early Monday. On Sunday, Dorsey tweeted “I love Twitter.”

Dorsey is also the chief executive of Square, a financial payment firm he founded, and some large investors have openly questioned whether he can be effective in managing both.

Last year, the company reached an agreement with two of the activist investors that kept Dorsey in the top job and gave a seat on the company’s board to Elliott Management Corp., which owned about 4% of Twitter’s shares, and another to Silver Lake.

Twitter was caught up in the heated political atmosphere leading up to the 2020 election. Former President Donald Trump was banned from Twitter, with Dorsey defending the move, saying the Capitol riot on Jan. 6 and Trump’s tweets after the event resulted in a risk to the public security and created an “extraordinary and unsustainable circumstance” for the company. Trump sued the company along with Facebook and YouTube in July for alleged censorship.

The early days of Twitter began with a tweet posted by Dorsey on March 21, 2006 that read “just setting up my twttr.” Twitter went through a period of robust growth during the startup, but as growth slowed, the San Francisco company began to adapt its format in an effort to make it easier and more engaging to use.

Give a Comment