Jack Dorsey is leaving Twitter


Bema Kalys kyzy, Student Writer

Twitter CTO Parag Agrawal took over the company by unanimous board decision after Jack Dorsey stepped down as CEO. This is stated in a Twitter press release.

“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders. My trust in Parag as Twitter’s CEO is deep. His work over the past 10 years has been transformational. I’m deeply grateful for his skill, heart, and soul. It’s his time to lead, ”said Dorsey.

Following the news, Twitter shares jumped more than 11%.

Elliott Management, which owns a large stake in Twitter, sought Dorsey’s resignation last year, but then a compromise was reached. Dorsey will remain on the board until the end of his term in 2022.

In March 2021, Dorsey sold his first tweet at the Valuables auction as a non-fungible token (NFT). More than $ 2.9 million was paid for it. The main struggle for the right to buy Dorsey’s first tweet unfolded between the Chinese entrepreneur, the founder of the Tron cryptocurrency, Justin Sun, and the CEO of the Malaysian startup Bridge Oracle, Sina Estavi.

Forbes magazine ranked Dorsey at $ 14.4 billion in 2020. Last year, he donated $ 1 billion of his stake in Square to Start Small for the worldwide fight against coronavirus. At the same time, the entrepreneur noted that this amount is approximately 28% of his fortune.