Jack Dorsey replaces Twitter CTO Parag Agrawal as CEO

Jack Dorsey replaces Twitter CTO Parag Agrawal as CEO
Published in : 29 Nov 2021

Jack Dorsey replaces Twitter CTO Parag Agrawal as CEO

Jack Dorsey, theco-founder and principal administrative officer of TwitterInc., is stepping down, ceding the position to the company’s Chief Technology Officer Parag Agrawal. 
 
 The move is effective incontinently, though Dorsey will stay on the board of the social media company until his term expires in 2022, Twitter said in a statement Monday. 
“ I ’ve decided to leave Twitter because I believe the company is ready to move on from its authors,” Dorsey said in the statement. “ My trust in Parag as Twitter’s CEO is deep. His work over the once 10 times has been transformational. I ’m deeply thankful for his skill, heart, and soul. It’s his time to lead.” 
 
 Dorsey, 45, is also the head of payments company SquareInc. and has been taking an adding interest in cryptocurrencies lately. Dorsey stepped down as CEO of Twitter in 2008, but returned to the company in 2015. 
In 2020, Dorsey came under pressure from activist investor Elliott ManagementCorp. over how he was spending his time. A time before, he'd also said he planned to spend up to six months of the time working in Africa to more understand the mainland’s internet druggies, a move that was eventually scrapped due to Covid 19. The barricade fund reached an agreement with Twitter and private equity group Silver Lake to appoint three new directors to Twitter’s board and produce a commission to review its leadership and governance. Agrawal, who came principal technology officer in 2017, will come a member of the board. 
 
 The deal came at a cost, though Twitter had to grow its monetized diurnal druggies by 20 or further and boost profit growth. Dorsey could lose his position if those pretensions were n’t met, Bloomberg reported. 
CNBC reported the news before Monday, without furnishing any other details. Twitter could n’t incontinently be reached for comment. 
 
 Twitter shares jumped3.4 at 1050a.m. in New York. In an surprisingly gamesome tech equity request, Twitter has lagged behind its peers, with its shares rising nearly 10 this time, while Meta PlatformsInc., formerly Facebook, has risen 23. 
“ The caption takeaway then's Twitter’s prosecution,” said Mandeep Singh, an critic at Bloomberg Intelligence. “ When you compare Twitter to all the other social media platforms, the position of engagement they had, they noway were suitable to monetize it as well as some” other rivals. “ Investors fete having one man be the CEO of two companies was n’t veritably effective in terms of prosecution.” 
 
 Dorsey has also overseen the company when it faced wide pressure from politicians and activists to take a further visionary part in moderating hate speech, misinformation and other forms of reprehensible content from political leaders. Dorsey took a stronger line than his social- media peers during Donald Trump’s administration, banning the former chairman from Twitter and telling Congress that he takes some responsibility for online organizing that led to theJan. 6 hoot at Capitol Hill. The company also lately introduced a program to crowd source fact- checking misinformation. 
Dorsey has been at the helm of Twitter as it experimented with new inventions in social media including most lately live audio products and subscription services. In June, the company unveiled Twitter Blue, a long- awaited subscription service that will allow druggies to rescind tweets and organize their posts. It’s also launched Twitter Spaces, a live audio converse service that were meant to contend with over-and coming upstart Club. 
 
 In recent months, Twitter stepped up its pace of accessions after times of languid deal- timber, as the company made a renewed trouble to increase the addition of new features. In May the company bought the news anthology service Scroll. 
But the company also faced request pressures from youngish rivals including TikTok and Snapchat which has large cult among the youthful age cohorts with short- form videotape products. 
 
 Twitter said before this time it wants to double its periodic profit to$7.5 billion by 2023, and expects to increase its stoner base by an normal of nearly 20 in each of the coming three times, according to a nonsupervisory form. 
In the third quarter, Twitter said it had 211 million diurnal druggies, 5 million further than the former period and a 13 increase from a time before. The social media service attributed the growth to “ ongoing product advancements and global exchanges around current events.” 
 
 Dorsey has a net worth of$12.3 billion, with Square counting for further than$ 10 billion of that quantum. He’s intimately pledged much of his stake in Square to charitable causes, according to data collected by Bloomberg.