Alberta Mirror

Tuesday, October 4, 2022

Jack Dorsey abdicates as CEO of Twitter

Key takeaways: 

  • Dorsey is additionally the CEO of payment company Square.
  • Jack Dorsey is no more the CEO of Twitter, the firm he co-established. 

Jack Dorsey steps down from the position of CEO of Twitter: 

Twitter co-established Jack Dorsey will abdicate as the firm’s chief executive officer.

The billionaire CEO proclaimed in a tweet that he is resigning, to be restored by Parag Agrawal, who is the firm’s chief technical officer.

Amid other services, Agrawal is improving measures to manage offensive and misleading data.

“I want you all to know that this is my decision and I own it,” Dorsey stated, continuing that Agrawal “has been my choice for some time, given how deeply he understands the company and its needs.” Source – cbc.ca

Dorsey co-established the microblogging site in 2006 and became CEO the following year. But, two years later he was forced out as chief executive by two other co-establishers, Ev Williams and board member Fred Wilson.

After years of inactive growth and a slumping share rate since its IPO in 2013, Dorsey turned as CEO in 2015.

Also read: Japan follows Israel in forbidding international guests as omicron coronavirus variant spreads

At that point, Dorsey was additionally CEO of Square, a payments processing firm that he established after he left Twitter. But instead of leaving Square, he took the unprecedented action of staying to be CEO of both firms. Convincing investors in both firms didn’t like that deal from the start, and in current months many have begun simply calling for it to end. 

Since Square went public in 2015, its shares have gone up by more than 2,300 per cent. Twitter, meantime, has not even increased over that time.

Bloomberg Intelligence analyst Mandeep Singh states the transit is a great one for the firm which has dropped far behind other social media firms like Facebook, Snap and TikTok financially, at a point when the need for such services continues growing.

“Jack Dorsey’s exit as CEO is a good strategic move that could help Twitter speed user growth and expand advertisers beyond large brands,” Singh stated in a note to clients. “Given greater exposure to live sports and entertainment than other social media platforms, we believe Twitter may seek deals and focus on partnerships to improve its … positioning.” Source – cbc.ca

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