Jack Dorsey announced that he will cease to be the CEO of Twitter

Jack Dorsey, CEO and Co-Founder of Twitter (REUTERS / Mike Segar / Archive) (Mike Segar /)

The co-founder of Twitter, Jack dorsey, will cease to be CEO of the social media platform, as announced by msmo through a letter and the company with a statement on Monday.

Amid the rumors of the resignation, Twitter shares rose more than 10% at the open, before trading was halted due to high volatility awaiting news.

Dorsey is also the CEO of Square, a financial payments company he founded, and some big investors have openly questioned whether he can be effective at the helm of both.

Businessman He will be replaced in office by the company’s current chief technology officer, Parag Agrawal.

Last year, the company struck a deal with two of those activist investors who kept Dorsey at the top and gave a seat on the company’s board of directors to Elliott Management Corp, which owned about 4% of the shares. Twitter shares, and another to Silver Lake.

Twitter was caught up in the heated political environment leading up to the 2020 election. Former President Donald Trump was ousted from Twitter, and Dorsey defended the move, saying the Jan. 6 Capitol riots and Trump’s tweets following the event. they posed a risk to public safety and created an “extraordinary and unsustainable circumstance” for the company. Trump sued the company, along with Facebook and YouTube, in July for alleged censorship.

The early days of Twitter began with a tweet sent by Dorsey on March 21, 2006 that said “just setting up my twttr”. The social network went through a period of strong growth during its inception, but as growth slowed the San Francisco company began to tweak its format in an attempt to make it easier and more attractive to use.

Dorsey initially became CEO of Twitter in 2007, but was forced to step down the following year. He returned to office in 2015.

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(With information from AP)