The man who invented the tweet is now stepping away from it. There are new reports that say Jack Dorsey has decided to step down as the CEO of Twitter. Dorsey, who co-founded the micro-blogging site back in 2006, made his announcement on Monday. Here’s what he has to say.
The billionaire CEO announced in a tweet that he is stepping down, to be replaced by Parag Agrawal, who is the company’s chief technical officer. “I want you all to know that this is my decision and I own it,” Dorsey said, adding that Agrawal “has been my choice for some time, given how deeply he understands the company and its needs.”
Jack Dorsey Steps Down As CEO Of Twitter
Dorsey will remain a member of the board until his term expires at the 2022 meeting of stockholders, the company said. “I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in a statement, though he didn’t provide any additional detail on why he decided to resign.
More recently, the company rolled out Twitter Blue, a $3/month service geared toward power users that adds features such as an undo button, bookmark folders and a way to make threads more readable.
Twitter has more than 5,500 employees and a market cap of about $39 billion. In the past decade, Twitter has been one of the top used social media platforms across the globe, behind Facebook, Instagram and TikTok.
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