File photo of Jack Dorsey, CEO and co-founder of Twitter. Photograph:( Reuters )
CTO Parag Agrawal will take over his position after a unanimous decision between Twitter's board and Dorsey regarding his successor
Microblogging platform Twitter's shares surged 11 per cent after Chief Executive Officer Jack Dorsey stepped down from his role.
CTO Parag Agrawal will take over his position after a unanimous decision between Twitter's board and Dorsey regarding his successor.
Dorsey said, ''I've decided to leave Twitter because I believe the company is ready to move on from its founders. My trust in Parag as Twitter's CEO is deep. 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.''
The 45-year-old has recently been showing an increased interest in cryptocurrencies.
An agreement has been reached between Twitter's board and Dorsey regarding his successor as per a report by CNBC.
The new CEO needs to meet Twitter’s aggressive internal goals. It aims to have 315 million monetisable daily active users by the end of 2023.
It comes after Dorsey tweeted ''I love Twitter'' without any context on the social media platform.
Dorsey is credited with coming up with the idea for Twitter when eventual co-founder Evan Williams gave workers at blogging startup Odeo two weeks to work on fun new projects as a way to break up the daily routine.
In 2020, Dorsey faced calls from Elliott Management Corp to step down, after the hedge fund argued he was paying too little attention to Twitter while also running payments processing company Square Inc.
Dorsey fended off the pressure by giving Elliott and its ally, buyout firm Silver Lake Partners, seats on Twitter's board.
(With inputs from agencies)