Jack Dorsey created Twitter in 2006 with the idea that it would be a communication tool between friends and acquaintances.
Twitter announced on Monday the departure of its CEO and founder, Jack Dorsey, who will be immediately replaced by the company’s current chief technology officer, Parag Agrawal, after months of tension with some of its major investors.
“I have decided to leave Twitter because I believe that the company is ready to continue without its founders. My confidence in Parag as CEO of Twitter is deep,” Dorsey said in a statement after several hours of speculation that generated notable movements in the stock market.
The Nasdaq index suspended trading on Twitter shortly after the opening of the session on Wall Street, where shares soared 10% in pre-trading while waiting for the news. On resuming after publication, the firm was up 4.5%.
Dorsey, who will remain on the board of directors until his term expires at the 2022 shareholders meeting, received praise from management for his “visionary leadership and tireless dedication” to the company, which he has given “a turn at the moment more critical, ”according to the note.
The businessman created the platform in 2006 with the idea that it would be a communication tool between friends and acquaintances, but over the years it has become a current forum characterized by the immediacy of information, which poses significant challenges.
Background prior to resignation
The enigmatic executive, known for his bohemian lifestyle and his defense of cryptocurrencies, was removed from the top position at the request of the board of directors in 2008 for dividing his time between too many activities, and did not manage to regain command until 2015.
During that hiatus, in 2009, he founded the digital payments firm Square, where he serves as CEO.
Last year, Dorsey again saw his position threatened by investment firm Elliott Management, which launched a campaign for him to be replaced after announcing that he would move to Africa and combine his Twitter and Square work from there.
Twitter, with a market capitalization of 37.6 billion dollars, has lost about 10% of its value since the beginning of this year after chaining three quarters of losses that amount to 403 million accumulated.
Despite the negative quarterly results, the blue bird social network disclosed in its latest report that it had 211 million daily active users (that is, they connect at least once a day) worldwide, 13% more than in the third quarter of 2021.
The platform, planning to reach 315 million daily active users by the end of 2023 and doubling its results by then, said on Monday that it maintains those goals and that it does not expect changes in its forecasts for this year. (I)
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