Twitter announced this Monday that managing director and co-founder Jack Dorsey will resign immediately and be replaced by the group’s technical manager Parag Agrawal.
“I decided to leave Twitter because I believe the company is ready to sever ties with its founders,” explained Jack Dorsey in a statement marking the end of an era.
In this new phase, the St. Louis, Missouri-based entrepreneur also plans to leave his board position in 2022 and will not run for a new term at the group’s shareholder meeting.
With a highly personalized style, shaved hair and a long beard, Dorsey has personified Twitter for many years. Since his return to management in October 2015, the businessman has been regularly criticized for not leaving his other mobile payments company, Square, to focus solely on Twitter.
According to Forbes magazine, a millionaire since 2013, after Twitter was launched on the stock exchange, his fortune is estimated at 11.8 billion (10.5 billion euros).
His first phase on Twitter as CEO was in 2007 and 2008, but he was removed from his position by the board of directors, unhappy with his leadership.
Now that Dorsey is starting to disappear from the Twitter universe, he is leaving the social network with a portfolio of 211 million daily users who are considered “monetized,” ie, exposed to advertisements on the platform. Under Dorsey’s leadership, Twitter had first quarter earnings in the last quarter of 2017, followed by two full positive years until it reverted to a loss in 2020.
