Twitter co-founder Jack Dorsey steps down as CEO – Honolulu, Hawaii

Honolulu, Hawaii 2021-11-29 13:00:00 –

Twitter co-founder Jack Dorsey has resigned as CEO of a social media platform. He has been taken over by Parag Agrawal, Twitter’s current Chief Technology Officer.

Dorsey will remain on the board until his term expires in 2022. Agrawar joined Twitter in 2011 and has been CTO since 2017.

In a letter posted to his Twitter account, Dorsey said he was “really sad … but still really happy” about leaving the company, and that was his decision. On Sunday, Dorsey sent a mysterious tweet that just read, “I love Twitter.”

In the morning trading after the announcement, Twitter’s share price rose 5% to $ 49.47.

Twitter was caught up in the fierce political atmosphere leading up to the 2020 elections. Especially when he banned former President Donald Trump after inciting a riot at the US Capitol on January 6. Dorsey defended the move, saying Trump’s post-event tweets pose a risk to public safety and create an “abnormal and unacceptable situation” for the company. In July, Mr. Trump sued the company along with Facebook and YouTube on suspicion of censorship.

Critics argued that it would take too long for Twitter to deal with hate speech, harassment and other harmful activities on its platform, especially during the 2020 campaign.

Paul Barrett, Deputy Director of the NYU Stern School of Management and Human Rights Center, said: “It’s a convenient and powerful platform for quick communication, but it’s been abused by various villains, including former President Donald Trump, who did his best on Twitter to undermine democracy. Until he shuts him down. “

Dorsey faces some distractions as CEO, starting with the fact that he is also the founder and CEO of the settlement company Square. Some big investors are openly questioning whether he can effectively lead both companies.

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 has prominent users such as politicians and celebrities and is popular with journalists, but its user base lags far behind older rivals such as Facebook and YouTube and new rivals such as TikTok. The number of active users per day, which is a common industry indicator, is just over 200 million.

In the early days of Twitter, it started with a tweet sent by Dorsey on March 21, 2006, saying “just set twttr.” Twitter grew strongly in the early days, but as its growth slowed, San Francisco companies began tweaking their formats to make them easier to use and more attractive.

Dorsey became CEO of Twitter in 2007, but was evacuated the following year. Dorsey returned to that position in 2015. In a farewell letter, Dorsey said, “We worked hard to get the company out of the founder and founder,” and it’s “serious” to focus too much on whether the company is led by the founder. I will limit it. “

Twitter today announced Bret Taylor, a new chairman of the board to replace the existing chairman, Patrick Pichette. The pichet remains on the board. Taylor has been a Twitter board member since 2016 and is President and COO of Salesforce, a business software company.

Twitter co-founder Jack Dorsey steps down as CEO Source link Twitter co-founder Jack Dorsey steps down as CEO

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