Twitter co-founder Jack Dorsey resigned as president of the company with immediate effect, CNN reported, citing the company’s statement. Dorsey is expected to remain on Twitter’s board of directors until at least next year.
Parag Agrawal, Twitter’s chief technology officer, is expected to take over as president.
“I chose to leave Twitter because I believe the company is ready for its founders to depart,” said Dorsey, quoted in the statement. – My confidence in Paraga as Twitter CEO is deep. His work over the past 10 years has been significant. I am grateful for his skills, heart and soul. It’s his time to lead, he added.
Dorsey resigns as Twitter CEO
In a statement shared on his Twitter account, Dorsey said he wanted everyone to know it was his decision. “Obviously, it was a difficult decision for me. I love this service and the company (…). I am really sad … but also very happy. There are few companies that reach this level. And there are not many founders who choose their company instead of your ego. I know we’ll prove it was the right move, “he said.
The departure comes six years after Dorsey returned to his role as CEO. During Dorsey’s tenure, Twitter became profitable, recorded a quarter with a billion-dollar turnover, and began testing and delivering a wide variety of user-driven features. Twitter, as well as other social media, has also faced the challenge of moderating content and increasing scrutiny from lawmakers and the public, writes CNN.
CNBC was the first to announce Dorsey’s resignation. Twitter shares jumped by as much as 10 percent. after this information.
Dorsey as the head of Twitter
Although much smaller than competitors such as Facebook, Twitter has played a key role in debates about whether and to what extent social media should be responsible for reducing hate speech or disinformation on their sites. Dorsey has testified in front of Congress on several occasions for criticizing his company’s conduct on the issue, CNN reports.
Dorsey is also the CEO of Square, the payment company he also co-founded. This summer, Dorsey suggested that he might want to leave Twitter and Square and pursue bitcoin-related projects.
Dorsey was first cast on Twitter in 2007, but was forced to resign from the role the following year. He returned as CEO in 2015.
In 2013, when Twitter went public, Dorsey became a billionaire and now has a government fortune of $ 11.8 billion, according to Forbes magazine, AFP reports
Main photo source: Frederic Legrand – COMEO / Shutterstock