Jack Dorsey resigns as CEO of Twitter

Parag Agrawal, Twitter’s chief technology officer, will take over as CEO.

“I have decided to leave Twitter because I believe the company is ready to continue operating from the founders,” Dorsey said in a statement Monday. “My trust in Parag as Twitter CEO is profound. His work over the past 10 years has been transformative. I am incredibly grateful for his skill, heart and mind. his soul. It’s time for him to lead.”

In an internal note, shared on his Twitter account, Dorsey said: “I want all of you to know that this is my decision and I own it. It was a difficult decision for me, of course. I love the service and this company… and all of you very much. I’m” I’m really sad … but really happy. Not many companies reach this level. And not many founders choose their company because of their ego. I knew we were going to prove this was a step in the right direction. “

The departure comes six years after Dorsey returned to his role as chief executive to help turn the social network’s business around. During Dorsey’s tenure, Twitter hit a profit, announced a billion-dollar first quarter, and began testing and releasing a host of features to attract users. But Twitter, like its peers, also faces the challenge of content moderation as well as growing scrutiny from lawmakers and the public.

CNBC is first report Dorsey is scheduled to depart on Monday. Shares of Twitter rallied as much as 10% in pre-market trading Monday following the report, before giving up some of those gains.

Although much smaller than rivals like Facebook, Twitter remains at the center of debates over whether social media platforms should be held accountable for curbing hate speech, violent rhetoric. force and misinformation on their websites. Dorsey has testified several times before Congress amid criticism over his company’s handling of user content.

Earlier this year, Twitter took the unusual step of permanently banning a sitting US president from office following a US Capitol uprising. But under Dorsey’s leadership, Twitter has struggled to design and enforce an ever more complex set of policies and rules for its users, including world leaders.

Dorsey had to overcome those challenges while dividing his time at Twitter by taking on the position of CEO of Square, the payments company he also co-founded. This summer, Dorsey suggested that he might be ready to leave Twitter and Square to embark on bitcoin-related initiatives.

Most recently last year, Dorsey faced an investor challenge from activist hedge fund Elliott Management that is pushing for changes, including a possible replacement for him. Dorsey finally survived.

Reports of Dorsey’s looming departure come 15 years after he helped found the short messaging company. Dorsey marked the moment with the platform’s first tweet: “just set up my twttr.”

Dorsey first became CEO of Twitter in 2007, but was forced out the following year. He returned as CEO in 2015.


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