His successor has been announced and is confirmed to be Parag Agrawal, the former chief technology officer (CTO), with immediate effect. When asked about taking on this new position, Agrawel said he was “honoured and humbled” by the appointment.
Agrawel said in his tweet:
Initially, following the report by CNBC that Jack Dorsey is leaving his role, shares for Twitter rose 9% on market opening on Monday morning.
But trading was then halted on the New York Stock Exchange after the spike. However, shares resumed trading with a gain of more than 4.5% ahead of where they started the day. The gains later fell away however, and the stock closed 2% below its opening price.
Jack Dorsey will remain the CEO of Square, a financial payments company, which now has a market capitalisation of over $98bn (£73bn) compared to Twitter’s $38bn (£28bn). Furthermore, the founder of Elliot Management and Twitter stakeholder, Paul Singer publicly questioned Dorsey’s ability to run both Twitter and Square at the same time. Ultimately, the investment firm eventually reached a deal with Twitter which resulted in Dorsey not being ousted.
Twitter is a business that Mr Dorsey has had to defend repeatedly before Congressional committees, including relating to the controversial banning of former US President Donald Trump, in relation his comments regarding the 2020 US presidential election.
Earlier in 2021, Trump petitioned for the restoration of his Twitter account, going as far as pleading with a federal judge to force Twitter to restore his account.
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