Reports emerged this morning that Twitter CEO Jack Dorsey left the company. People thought the company pushed him out, especially since Twitter shares surged after the reports came out.
Twitter stakeholder Elliott Management almost ousted Dorsey in 2020 when its founder Paul Singer “wondered whether Dorsey should run both” Twitter and Square, his digital payments company.
Dorsey confirmed in a post that he made the decision himself. The change happens today, but he will remain on the board until the 2022 stockholder meeting.
Salesforce President and COO Bret Taylor took over as chairman of the board.
Chief Technology Officer (CTO) Parag Agrawal will become the CEO effective immediately. Dorsey said he chose Agrawal to take over years ago since “he understands the company and its needs.”
Agrawal needs to go back and delete some tweets. Someone dug up this oldie from 2010. Agrawal started working at Twitter in 2011 so remember. It was written before he worked there. It also looks like he quoted someone. We need more context.
I know we have our gripes about Twitter. We know the company censors people and doesn’t stick to its rules. We see anti-Semitism everywhere and call for violence against the right-wing that never get taken down. But say one bad thing about the left you’re banned!
But Glenn Greenwald is right. Dorsey has pushed back against making people pay for Twitter and other ways to make it not so user-friendly.
That could explain why the Twitter shares went up when we learned about Dorsey leaving the company. The shareholders might have thought Dorsey held back Twitter from making more money and expanding its profits.
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