Jack Dorsey Steps down as Twitter CEO

By: Shane Weston

November 29th, 2021

Twitter (TWTR) CEO, Jack Dorsey, has officially stepped down as the company's chief executive officer. This marks an end of his second stint as CEO and will be replaced by Parag Agrawal. Agrawal was previously the chief technology officer and now holds the top spot that was unanimously appointed by the company’s massive board. Dorsey supports the new leader by stating, "He's been my choice for some time given how deeply he understands the company and its needs."

Dorsey, who is also the chief executive officer at Square (SQ), was recently questioned by other leaders and employees on his commitment to Twitter. He split duties between both companies, but the financial payment company has seemed to really pull the CEO their way. The rise in cryptocurrencies has been a big part of Dorsey wanting to join the financial world. He has become a supporter of Bitcoin and continues to speak at crypto conferences to promote this new asset class.

As Jack Dorsey steps away, he will still remain on the board until the end of 2022. Twitter will turn to Agrawal for its next steps for the company and its platform. Although, the company will still have his support as the company faces social media issues as like many other companies within this industry.

Twitter’s stock price has seen a drop today upon Dorsey’s departure as it is down around $3 from its premarket price.