Jack Dorsey has stepped down as head of Twitter, the company he founded with like-minded people in 2006.
Jack Dorsey was replaced by the company's former CTO Parag Agrawal.
Agrawal began his career at Twitter more than a decade ago as a simple engineer, and in 2017 he became its chief technology officer.
Dorsey's departure is a critical change in leadership for the company, and his name was closely associated with Twitter. Dorsey became a celebrity outside of Silicon Valley, quoted and parodied on shows and on social media.
Dorsey confirmed his departure and noted:
I worked hard to ensure that this company could separate from its founders and stand on its own, independent of their influence. Not all companies reach this level. And not many founders choose the company over their own ego.
Dorsey's leadership was questioned by investment firm Elliott Management, which bought a stake in the social network last year. Elliott accused Dorsey of dividing attention between Twitter and Square.
Twitter's revenue rose 37 percent in the third quarter from a year earlier to $1.28 billion.
Dorsey, who will remain on Twitter's board until its next election in 2022, stressed that he made the decision to leave. He recently discussed his desire to leave Twitter and focus on projects in the field of cryptocurrency and philanthropy.
In recent years, Dorsey has become increasingly interested in cryptocurrencies and decentralization technologies.
Most of Dorsey's wealth comes from Square, which he has co-founded since 2009.. He announced last year that he would donate $1 billion, or nearly a third of his fortune at the time, to coronavirus relief programs and other charitable initiatives. He also allocated $15 million for guaranteed income projects, which allow cities to provide financial support to residents in need. Forbes estimates Mr. Dorsey's net worth at more than $11 billion.
Twitter shares jumped 10% on news of Dorsey's departure.
On Sunday evening, perhaps foreshadowing the news to come, Dorsey wrote: “I love Twitter.”
You May Also Like
Real estate agents will start accepting cryptocurrency
Estate agent Ronnie Rickner, director of Rickner Charles, has started accepting cryptocurrency as payment for the company's services and has already received a fee from one of his clients in Bitcoin for the sale of a property in Rochester worth £600,000.
Japan and cryptocurrencies: a unique situation
Japan is the place where cryptocurrency appeared, where Bitcoin.com is headquartered, where the first crypto exchange MtGox was created, and the birthplace of the mysterious Bitcoin creator Satoshi Nakamoto. However, the entire development of the digital movement taking place in the Land of the Rising Sun still remains a mystery in the Western world.
