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Jack Dorsey Announces He Has Resigned As Twitter CEO
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Jack Dorsey Announces He Has Resigned As Twitter CEO
"I want you all to know that this was my decision and I own it," Dorsey wrote to employees. "It was a tough one for me, of course. I love this service and company… and all of you so much."
The Lede
Twitter shareholder Elliott Management had previously wanted to replace Dorsey as CEO in 2020, but was unsuccessful after reaching an agreement with Twitter management to keep Dorsey on. Former Twitter CTO Parag Agrawal officially succeeded Dorsey as CEO on Monday, November 29. Agarwal has been with Twitter for over a decade and became CTO in 2017.
Key Details
- Jack Dorsey originally came up with the company in 2006 when he was an undergraduate student at New York University during a brainstorming session with the podcasting company Odeo, according to Insider.
- Twitter stock rose by more than 11 percent after the announcement was made.
- Paul Singer, founder of Elliot Management, has questioned Dorsey's ability to lead both Twitter and Square — the digital payment company he also runs — at the same time and called him to step down as CEO of either one.
Additional Thoughts
Read more: How Twitter Was Founded Via Business Insider
The Source
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