Twitter co-founder Jack Dorsey stepping down as CEO – Milwaukee, Wisconsin

Milwaukee, Wisconsin 2021-11-29 10:55:34 –

AP Business Writer

Twitter co-founder Jack Dorsey has announced that he will step down as CEO of a social media platform. He will be replaced by Parag Agrawal, Twitter’s current Chief Technology Officer.

This is the latest news update. The previous story of AP is as follows.

Twitter’s share has skyrocketed with reports of co-founder Jack Dorsey resigning as CEO of the company.

Twitter’s share price, which has always been below the market, soared more than 10% on Monday’s opening bell and was suspended until the news came out.

CNBC first reported that Dorsey could resign shortly, citing anonymous sources.

Twitter Inc. did not immediately respond to the Associated Press’s request for comment at the beginning of Monday. On Sunday, Dorsey sent a tweet saying, “I love Twitter.”

Dorsey is also a top executive at Square, the financial settlement company he founded, and some large investors are openly questioning whether he can effectively lead both.

Last year, the company reached an agreement with Elliott Management Corporation, which holds Dorsey in the top position and holds about 4% of Twitter’s stake, and two activist investors who gave Silver Lake a board seat. ..

Twitter was caught up in the fierce political atmosphere leading up to the 2020 elections. Former President Donald Trump has been banished from Twitter, Dorsey defends the move, and the January 6 Capitol riots and Trump’s tweets after the event pose a risk to public safety and make the company “abnormal and intolerable.” “The situation” was brought about. In July, Mr. Trump sued the company along with Facebook and YouTube on suspicion of censorship.

In the early days of Twitter, it started with a tweet sent by Dorsey on March 21, 2006, saying “just set twttr.” Twitter had strong growth at the start, but as growth slowed, San Francisco companies began tweaking the format to make it easier to use and more attractive.

Dorsey was initially appointed CEO of Twitter in 2007, but was evacuated the following year. He returned to that role in 2015.

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