Jack Dorsey, CEO of Twitter, announces he will step down; stocks go up

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The current CEO of Twitter, Jack Dorsey, announced this Monday (29) that he has resigned from his post. Dorsey’s exit was already speculated among investors, which made the company’s shares rise in pre-opening negotiations and after the start of operations on the New York Stock Exchange.

The company’s board of directors unanimously approved the name of Parag Agrawal, Twitter’s current chief technology officer, to take over as CEO.

Dorney became a billionaire entrepreneur after being one of the founders of Twitter, one of the social networks most accessed in the world. He is currently also CEO of payments company Square, founded in 2015.

Dorsey announced his resignation in a Twitter post. “I believe that [a companhia ser liderada pelo fundador] it is severely limiting, and a point of failure. I’ve been working hard to ensure this company can get away from its founders.”

The businessman will remain on the company’s board of directors until May 2022, when his term will end and he will leave the body. “I believe it’s important to give Parag the space he needs to lead,” he said.

On Sunday (28), Dorsey made a post on the social network in which he stated that he “loves Twitter”. The number of likes on the publication rose to more than 55,000 this Monday.

Now 45 years old, he was one of the four founders of Twitter in 2006. According to Forbes magazine, he has assets of $11.9 billion, putting him 53rd on the list of richest people in the world.

It’s not the first time Dorsey has stepped down as the company’s CEO, or CEO. He held the position between 2006 and 2008, when he resigned to take over as director of the company’s board of directors, but returned to the post in 2015.

According to the Reuters news agency, Twitter’s board has already defined a successor for the businessman, and has been organizing his departure since 2020.

Earlier last year, Dorsey faced pleas from Elliott Management Corp for him to step down after the hedge fund argued he was paying too little attention to Twitter while running Square.

Dorsey fended off the pressure by giving Elliott and his ally, acquisitions firm Silver Lake Partners, seats on Twitter’s board of directors.

The businessman has also been involved with the universe of cryptocurrencies and blockchain technology. In February of this year, he announced the creation of a bitcoin fund junto ao rapper Jay Z.

At around 11:55 am, Twitter shares were up 3.36% on the New York Stock Exchange, priced at $48.65.

*With information from Reuters

Reference: CNN Brasil

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