Twitter’s current CEO Jack Dorsey will step down from his role as leader of the company, and will be replaced by current chief technical officer or CTO Parag Agrawal, he announced in an email to the company.
“After almost 16 years of having a role at our company from co-founder to CEO to chair to exec chair to interim CEO to CEO, I decided it’s finally time for me to leave,” Dorsey wrote.
“The board ran a rigorous process considering all options and unanimously appointed Parag,’ Dorsey wrote of Agrawal. ‘He’s been my choice for some time given how deeply he understands the company and its needs,” the current CEO explained.
After the media announced the decision on the morning of Monday, November 29, the company’s shares shot up 11 percent, sparking rumors that Dorsey’s departure was in response to internal company pressure.
After he confirmed the rumor was right, the shares went up another 5 per cent.
However, in his email, Dorsey denied such rumors.
“I want you all to know this was my decision and I own it. It was a tough one for me, of course. I love this company and all of you so much. I’m really sad… yet really happy,” the businessman assured.
In his post, Dorsey makes a kind of self-praise for being able to leave the company, a decision that implies having abandoned his ego for others to continue running it in a different way than it was founded.
According to Daily Mail, Dorsey, 45, created the social network in 2006 and two years later in 2008 was ousted as CEO for his constant absences from work to practice yoga and enjoy the world of fashion, neglecting the financial state of the company.
It was Evan Williams who replaced him in October 2008 as CEO so that Dorsey, who was more focused on technological improvements to the social network, became chairman of the board.
Williams was replaced in 2011 by Dick Costolo who in turn resigned from the company in 2015 which allowed Dorsey to resume leadership of Twitter once again.
In 2020 there was another attempt to remove Dorsey as CEO of Twitter by one of the company’s largest shareholders, Elliot Management, but the board reached an agreement to keep Dorsey at the helm of the company.
The reputation of Jack Dorsey and his company Twitter was under strict scrutiny during the administration of former President Donald Trump who accused him of censoring conservative users through ‘invisible’ tactics known as ‘shadow banning’ with which the content of certain users was no longer suggested or their visibility was reduced.
The most peculiar case was the news of the New York Post that denounced the compromising content of the laptop of Hunter Biden, the son of current President Joe Biden, which Twitter did not allow to be shared and then directly suspended the channel of the New York newspaper.
Before Trump finished his term in office, that is, while he was still president of the United States, Dorsey, under pressure from the Democratic opposition, decided to suspend Trump’s account temporarily because the former president’s tweets on the existence of fraud in the elections were considered as an ‘incitement to violence’.
Trump appealed the suspension only for Twitter to decide to make it permanent. YouTube and Facebook did the same.
The incident was seen as the clearest case of censorship by what Trump calls the ‘Big Tech’ against a sitting president in the country considered a beacon of freedom in the world.