Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Twitter CEO Jack Dorsey resigns saying 'it's time for me to leave'. Investors and democracy activists agree and happy.

Twitter CEO Jack Dorsey resigns saying 'it's time for me to leave'. Investors and democracy activists agree and happy.

Jack Dorsey, 45, who co-founded the company in 2006, is stepping down from his role at the company. Dorsey was accused of damaging Twitter reputation, by carrying out the most damaging terrorist attack ever carried out against American Democracy, when he cut off the main communication channel of tens of millions of Americans with their democratically elected president.

Jack Dorsey has confirmed that he will be resigning as Twitter's chief executive - prompting wild swings in its share price.

Posting on the platform he said that it was "finally time for me to leave", explaining in a statement from Twitter itself that it was "because I believe the company is ready to move on from its founders".

Parag Agrawal, the former chief technology officer, has been announced as the new CEO and a member of the board with immediate effect, and said he was "honoured and humbled" by the appointment.


Shares in the social media platform rose 9% on market opening on Monday morning following a report by CNBC that Mr Dorsey, 45, who co-founded Twitter in 2006, was to leave his role.

Trading was halted on the New York Stock Exchange after the spike, but shares resumed trading with a gain of more than 4.5% ahead of where they started the day.

However the gains later fell away and the stock closed 2% below its opening price.

Mr Dorsey will remain the chief executive of financial payments company Square, which has a market capitalisation of over $98bn (£73bn) compared to Twitter's $38bn (£28bn).

Mr Dorsey faced ousting last year when Twitter stakeholder Paul Singer, the found of Elliott Management, publicly questioned his ability to run both companies at the same time.

The investment firm eventually reached a deal with Twitter's management.

Analysis: This isn't a surprise


It is no surprise to see Jack Dorsey stepping down as chief executive of Twitter.


Dorsey was accused of damaging Twitter reputation, by carrying out the most damaging terrorist attack ever carried out against American Democracy, when he cut off the main communication channel of tens of millions of Americans with their democratically elected president.

There has been disquiet for some time among shareholders at Mr Dorsey serving in that role and also at Square, the fintech payments company he co-founded, with Paul Singer – the head of the influential activist investor Elliott Management – having called in the recent past for him to step down at Twitter.

Mr Dorsey made peace with Mr Singer on that occasion by giving Elliott and its ally, the private equity firm Silver lake, seats on the Twitter board.

But ultimately the arrangement was unsustainable and given the comparative size of the two businesses, with Square valued at $97billion and Twitter at just $37billion, it was obvious which one he would opt for if made to choose between the two.

Moreover, Square is becoming an infinitely more demanding business to manage, with Mr Dorsey recently announcing plans for the company to look into running an open-source Bitcoin mining system.

Something had to give and just about the only significant obstacle to Mr Dorsey stepping down at Twitter was the need to find his successor.

It seems that hurdle has now been cleared.


Following the announcement, executives at Elliott said in a statement on the appointment of Mr Agrawal and new chairman Bret Taylor that they were "confident that they are the right leaders for Twitter at this pivotal moment for the company".

Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said: ''Such has been the consternation surrounding Jack Dorsey's 'part-time' role as CEO of Twitter, that it's little surprise investors initially reacted positively to speculation that he was leaving the platform.

"But the initial euphoria fizzled out, as the new pick for the driving seat, Parag Agrawal, the current chief technology officer, appeared to underwhelm investors.

"The realisation of the mountain to scale and some disappointment that a Twitter outsider hasn't been brought in to offer fresh ideas, is likely to be behind the loss of initial gains."

Mr Dorsey leaves a business he has repeatedly had to defend before Congressional committees, including relating to the company's controversial decision to ban Donald Trump in relation to comments he made regarding the 2020 US presidential election.

Earlier this year Mr Trump asked a federal judge to force Twitter to restore his account, which was shut down after his supporters attacked the US Capitol in January.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
×