Wow, Jack is out. After starting Twitter on July 15, 2006, the bohemian, absent CEO, is leaving, being replaced by an SJW anti-white board member.
Twitter CEO Jack Dorsey is stepping down as the chief of the social media company, effective immediately. Parag Agrawal, Twitter’s chief technology officer, will take over the helm, the company said Monday.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in a statement, though he didn’t provide any additional detail on why he decided to resign.”
With Dorsey’s announcement the spotlight moved onto Parag, and what we are finding makes us miss Jack already.
Agrawal said in an interview with the MIT Technology Review last year, while he was CTO of the company, that free speech was no longer a focus for the company.
“Our role is not to be bound by the First Amendment, but our role is to serve a healthy public conversation and our moves are reflective of things that we believe lead to a healthier public conversation,” said Agrawal.
On Sunday night, Dorsey sent out a tweet with the message “I love Twitter.”
In an email sent to employees and shared on Twitter, Dorsey said he has worked hard to make sure the company can break away from its founders.
“There aren’t many companies that get to this level,” Dorsey wrote. “And there aren’t many founders that choose their company over their own ego. I know we’ll prove this was the right move.”
Twitter shares jumped on the news, rising as much as 11% before they were halted ahead of the announcement.After rising sharply early in the pandemic, Twitter shares have underperformed lately, down about half a percent before noon on Monday.
This is not the first time Dorsey has left Twitter. In 2008, the company fired him over concerns about his management and absenteeism.
Last year, his leadership drew scrutiny from Elliott Management Corp., which is known as one of Wall Street’s toughest activist investors. Twitter and Elliott reached a deal in which the company agreed to appoint two board members and commit to $2 billion in share buybacks.
Mr. Dorsey will remain a member of Twitter’s board until his term expires in 2022, the company said. CNBC earlier reported his plans to step down as CEO.