Twitter Founder Jack Dorsey Steps Down as CEO, News Fuels Social Media Stock’s Rise and Fall
“There aren’t many founders that choose their company over their own ego. I know we’ll prove this was the right move.”
Twitter stock went on a wild ride after CEO and co-founder Jack Dorsey announced he’s leaving the social media giant.
USA Today reported a 10 percent surge in Twitter share value at the opening bell following the Thanksgiving holiday weekend. Twitter shares then rose 5 percent to $49.47 as news of Dorsey’s departure spread, but at the time of writing, they were back down to trading at $46.80, according to Google Finance.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” said Dorsey in a statement.
Parag Agrawal, who has worked for Twitter for over a decade and served as chief technology officer since 2017, will take up the torch as Twitter CEO. Dorsey will remain on Twitter’s board until his term expires in 2022.
“My trust in Parag as Twitter’s CEO is deep,” said Dorsey. “His work over the past 10 years has been transformational. I’m deeply grateful for his skill, heart, and soul. It’s his time to lead.”
“I’ve walked in your shoes, I’ve seen the ups and downs, the challenges and obstacles, the wins and the mistakes,” wrote Agrawal in his own statement.
“But then and now, above all else, I see Twitter’s incredible impact, our continued progress, and the exciting opportunities ahead of us.”
In an email sent to employees and posted by Dorsey, he described a desire to see the company move forward without its founding members.
“There aren’t many companies that get to this level,” Dorsey wrote. “And there aren’t many founders that choose their company over their own ego. I know we’ll prove this was the right move.”
Dorsey was Twitter’s first CEO from May 2007 to October 2008. He returned in July 2015 before taking over as permanent CEO in October 2015. He also serves as CEO of payment service Square.
At the end of his email, Dorsey wrote, “PS I’m tweeting this email. My one wish is for Twitter Inc to be the most transparent company in the world.”