Jack Dorsey Expected to Step Down as Twitter. Parag Agrawal will replace

Jack Dorsey Expected to Step Down as Twitter CEO

Trading in Twitter stock was halted shortly after the CNBC report came out.

Jack Dorsey, the bitcoin-friendly CEO of Twitter, is expected to step down from his position as head of the social media giant, according to CNBC.

Twitter’s stock initially jumped as much as 11% on the news, but trading was then halted by the NYSE due to “news pending.” Shares of Square were up about 1%.

who is Jack Dorsey ?

Jack Patrick Dorsey is an American billionaire technology entrepreneur and philanthropist who is the co-founder and CEO of Twitter and the founder and CEO of Square, a financial payments company.

The next CEO will have to meet Twitter’s aggressive internal goals.

The company said earlier this year it aims to have 315 million monetizable daily active users by the end of 2023 and to at least double its annual revenue in that year.

Dorsey faced an ousting last year when Twitter stakeholder Elliott Management had sought to replace him. Elliott Management founder and billionaire investor Paul Singer had wondered whether Dorsey should run both of the public companies, calling for him to step down as CEO of one of them, before the investment firm reached a deal with the company’s management.

Dorsey, who co-founded the social media giant in 2006, served as CEO until 2008 before being pushed out of the role. He returned to Twitter as boss in 2015 after former CEO Dick Costolo stepped down.

Shares have jumped 85% since Dorsey took over as CEO Oct 5. 2015. Meantime, Square shares have surged 1,566% since its Nov. 19, 2015 initial public offering.

Last year, billionaire investor Paul Singer’s Elliott Management launched a bid to oust Dorsey from his role. However, Twitter’s board committee overseeing the review later recommended to keep Dorsey in the role.

Twitter CEO and cofounder Jack Dorsey is expected to bow out from his role at the social media company, according to CNBC. Twitter stock skyrocketed as much as 12.5% in pre-market trading immediately after the report, paring losses of nearly 14% this year. pic.twitter.com/OsyLqnClc0
— Forbes (@Forbes) November 29, 2021

It’s unclear if Dorsey plans to leave the social media company to focus on operations at Square and the platform’s initiative to develop a decentralized Bitcoin exchange.

According to a Monday CNBC report, Dorsey is expected to step down as the CEO of social media giant Twitter, which he helped co-found in 2006. It’s unclear if Dorsey plans to leave Twitter behind to focus on operations at Square and the platform’s initiative to develop a decentralized Bitcoin (BTC) exchange.

On Nov. 19, the decentralized exchange project, called tbDEX, released a white paper detailing its plans to create a message protocol designed to facilitate trust relationships without relying on a federation to control access.

Though Dorsey has sometimes used his platform — 5.9 million followers — to make announcements for the exchange, there are no reports at the time of publication that he plans to get more involved in the project.

Twitter market value jumps more than $4 billion on news Jack Dorsey is stepping down as CEO

Twitter stock sharply jumped Monday following a CNBC report that Jack Dorsey is expected to step down from his role as CEO of the social media company.

Shares climbed as much as 11%, to $52.27, before trading was temporarily halted for pending news. That amounted to $4.2 billion of market capitalization added at intraday highs. It’s unclear who would succeed Dorsey at the company he co-founded in 2006 and that made him a billionaire, although Reuters reported that Twitter has already settled on a choice.

Dorsey also serves as CEO of Square, a payments technology and services company.

CNBC noted Twitter stakeholder Elliott Management last year wanted to replace Dorsey as CEO before the investment firm reached a deal with Twitter’s management.

What did Jack Dorsey say about Bitcoin?

On Tuesday, Dorsey tweeted that Bitcoin will unite “a deeply divided country.” He went on to add that the cryptocurrency will eventually have the same effect on the entire world. As pointed out by The Verge, Dorsey’s tweet may have been in response to the blocked amendment to the US Senate’s infrastructure package.

How much is a Bitcoin Jack Dorsey?

The recent rally in Bitcoin has allowed Jack Dorsey’s fintech firm Square to double its investment in the popular cryptocurrency. The company had invested a total of $220 million (Rs. 1,650 crores) in Bitcoin, which is now worth over $470 million (Rs. 3,526 crores), according to a report.

Jack Dorsey steps down as Twitter CEO; Parag Agrawal replaces him

Twitter announced Monday that co-founder Jack Dorsey was stepping down immediately as CEO, with the company’s chief technical officer Parag Agrawal replacing him.

“Twitter, Inc. today announced that Jack Dorsey has decided to step down as chief executive officer and that the Board of Directors has unanimously appointed Parag Agrawal as CEO and a member of the board, effective immediately,” the company said in a statement.