Shortly after rumors were circulating that Twitter CEO Jack Dorsey was expected to step down from his role at the microblogging social media network, the former executive confirmed the news, with a press release going forward shortly after the announcement. For those that do not know, with Dorsey stepping down as Twitter CEO, he will be able to pay more attention to Square, where he has currently been utilizing the same position. Square is a financial company that focuses on both consumers and corporations regarding cash management and payments.
Dorsey Will Remain on Twitter’s Board Until His Term Expires at the 2022 Meeting of Stockholders
The former Chief Executive Officer has provided the following details regarding his resignation.
not sure anyone has heard but,
I resigned from Twitter pic.twitter.com/G5tUkSSxkl
— jack⚡️ (@jack) November 29, 2021
He will remain a part of Twitter’s Board until the term expires in 2022. Under his leadership, Twitter attained a worth of around $40 billion today, but that value is less than half of Square’s, which is worth a little over $99 billion. It is possible that running two billion-dollar companies became too taxing for Dorsey, which is why he believes that as he steps down as CEO, he is leaving Twitter in the hands of someone capable, and that person is Parag Agrawal. Agrawal was given this position after a unanimous agreement by the Board of Directors, and he has shared his thoughts on the new position below.
Agrawal mentioned in the tweet below that he is committed in executing Twitter’s ambitious goals, which we will likely find out in the coming months.
Deep gratitude for @jack and our entire team, and so much excitement for the future. Here’s the note I sent to the company. Thank you all for your trust and support 💙 https://t.co/eNatG1dqH6 pic.twitter.com/liJmTbpYs1
— Parag Agrawal (@paraga) November 29, 2021
Twitter is expected to have an all-hands meeting on Tuesday, and employees will have a Q&A session so they can address their concerns.
News Source: PRNewswire
