Twitter CEO Jack Dorsey has stepped down from his position, sources told CNBC.
- Dorsey was the CEO of Twitter and Square, a digital payments company.
- Twitter Chief Technology Officer Parag Agrawal will replace Dorsey, per The Verge.
Dorsey explained his reasoning for stepping down in a social media post:
Sources told The New York Times that Dorsey might make the announcement Monday.
According to CNN, Twitter’s stock soared by 10% after the news of Dorsey stepping down.
Dorsey has a storied history with Twitter. He was fired from the top position in the company in 2008 but was hired back in 2015. Dorsey has led the company during tumultuous times in recent months, including incidents of misinformation amid the 2016 and 2020 elections as well as the coronavirus pandemic.
- “As a founder and inventor of the product, Jack knows more about Twitter than anyone else,” said Peter Currie, the Twitter director, back in 2015 when Twitter brought back Dorsey.
Dorsey has led the company as Congress has worked to create new regulations on Big Tech companies such as Facebook, Google and Twitter, as the Deseret News reported.
- ”We make mistakes and our goal (is) to correct them as quickly as possible and in that case we did,” Dorsey said.