Twitter’s Jack Dorsey steps down as CEO

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Image Credit: Bloomberg

The biggest news of the day is that Jack Dorsey as stepped down as Twitter’s CEO. Jack confirmed via his Twitter page that he is stepping down as the company’s CEO. Taking Jack’s place, is Parag Agrawal, Twitter’s chief technology officer, who will take over the helm of affairs effective immediately.

Jack’s replacement Parag Agrawal, has been unanimously appointed as CEO and a member of the Board. Dorsey’s term as member of Board will expire at the 2022 meeting of stockholders; and until then, he remains a member.

Bret Taylor is now the new Chairman of the Board, succeeding Patrick Pichette who also will stay on the Board and continue to serve as chair of the Audit Committee.

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.

Bret Taylor, Twitter’s incoming Independent Board Chair said, “On behalf of the Board, I want to thank Jack for his visionary leadership and unrelenting dedication to Twitter since its founding. Jack returned to Twitter and turned the Company around at the most critical time. The progress since then has been nothing short of incredible. Jack has given the world something invaluable and we will continue to carry it forward.”

Dorsey, 45, stepped down as Twitter CEO in 2008, but returned to the company seven years later. Lately, he has shown interest in cryptocurrencies; and his decision to step down may have to do with it.

In March 2021, Jack Dorsey listed his very first tweet up for sale. The “lucky” winner received a certificate personally signed by Dorsey as well as the metadata of the original tweet.

Dorsey’s first tweet auctioned as a non-fungible token (NFT), which is a unique digital certificate that states who owns a photo, video, or other form of online media.

Sina Estavi’s bid was later announced as the winner of the first ever tweet posted by Dorsey. The tweet auctioned as an NFT for the sum of $2,915,835.47, which seems odd.

Sina had held the high bid since first offering $2.5 million in March, and eventually raised his bid at the last-minute. Recall that Dorsey had put up his first tweet for digital auction as an NFT, also called non-fungible token on March 5th. 

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Author: Ola Ric

Ola Ric is a professional tech writer. He has written and provided tons of published articles for professionals and private individuals. He is also a social commentator and analyst, with relevant experience in the use of social media services.

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