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Twitter CEO Jack Dorsey resigns

Twitter CEO Jack Dorsey resigns

Jack Dorsey at the helm of SMS service Twitter: The co-founder and CEO of the group wants to step down. The back has already been selected.

Co-Founder and Head of Twitter’s SMS Service The company announced that Jack Dorsey will be stepping down. The American business radio “CNBC” had reported earlier. His successor will be former Chief Technology Officer Parag Agrawal.

After the news was published, the group’s share rose significantly, sometimes by more than 12 percent. On the New York Technology Exchange (NASDAQ), trading in Twitter shares was temporarily suspended due to “upcoming news”.

Dorsey co-founded Twitter in 2006. He is also the founder and president of American payment services Square. In March 2021, he auctioned the rights to his first tweet from March 2006: “Just setting up my twttr”.

“I’ve decided to leave Twitter because I believe the company is ready to move forward without its founders,” Dorsey said, according to the announcement. According to Dorsey, he has great confidence in Agrawal. Now its time for Agrawal to run the company.

Recently, the entrepreneur faced criticism from billionaire Paul Singer, who questioned whether Dorsey should run both companies. In the past, Dorsey had already ditched the Twitter streak once before returning to the top of the company in 2015.

Forbes magazine estimates his fortune at 11.8 billion US dollars (about 10.4 billion euros). On Sunday, Dorsey only briefly tweeted “I love Twitter,” “I love Twitter.”