Twitter co-founder Jack Dorsey steps down as CEO
US business news channel CNBC has stunned markets with the news of Twitter founder and CEO Jack Dorsey's resignation. According to the report, Dorsey is planning to step down as head of the social media platform in the near future.
This is not the first time that Jack Dorsey has left Twitter. He served as CEO from 2006 to 2008 and then returned to lead the company in 2015. The reason for another resignation letter was Twitter’s ambitious plans to dramatically increase its reach and value as well as stand out in a competitive market. India-born Parag Agrawal, Twitter's chief technology officer for the past four years, will take over the helm.
"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," Dorsey said in a statement. Markets responded to the news quite positively. Twitter stock gained 7.58% to $50.64 per share. However, later, the company's shares slid to $40.
Currently, the main competitors of Twitter are such social networks as Facebook and TikTok. The company's management aims to restructure some of its executive team and double its annual revenue by 2023. Twitter has nearly 400 million users worldwide, while Facebook and TikTok have 2.8 billion and 1 billion respectively. Jack Dorsey has led Twitter since its foundation in 2006. Now the 45-year-old programmer's net worth is estimated at $12 billion.