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Jack Dorsey Resigns From Twitter - Science/Technology - Nairaland

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Jack Dorsey Resigns From Twitter by Golan007: 4:34pm On Nov 29, 2021
Twitter CEO Jack Dorsey is expected to step down from his executive role, sources tell CNBC's David Faber.

Twitter stock was up on the news before being halted due to news pending.

Dorsey, 45, currently serves as both the CEO of Twitter and Square, his digital payments company.

It's unclear who's set to succeed Dorsey or the timing of a potential announcement. It's also unknown why Dorsey, 45, would take a step back. But if he steps down, the next CEO will have to meet Twitter's aggressive internal goals. The company said earlier this year it aims to have 315 million monetizable daily active users by the end of 2023 and to at least double its annual revenue in that year.

Dorsey faced an ousting last year when Twitter stakeholder Elliott Management had sought to replace him. Elliott Management founder and billionaire investor Paul Singer had wondered whether Dorsey should run both of the public companies, calling for him to step down as CEO of one of them, before the investment firm reached a deal with the company's management.

Dorsey, who founded the social media giant, served as CEO until 2008 before being pushed out of the role. He returned to Twitter as boss in 2015 after former CEO Dick Costolo stepped down.

Twitter did not respond to a request for comment.

https://www.cnbc.com/amp/2021/11/29/twitter-ceo-jack-dorsey-is-expected-to-step-down-sources-say.html

Jack Dorsey to Twitter

Hello team.

After almost 16 years of having a role at our company...from co-founder to CEO to Chair to Exec Chair to interim-CEO to CEO...I decided it's finally time for me to leave. Why?
There's a lot of talk about the importance of a company being founder-led. " Ultimately I believe that's severely limiting and a single point of failure. I've worked hard to ensure this company can break away from its founding and founders. There are 3 reasons I believe now is the right time.

The first is Parag becoming our CEO. The board ran a rigorous process considering all options and unanimously appointed Parag. He's been my choice for some time given how deeply he understands the company and its needs. Parag has been behind every critical decision that helped turn this company around. He's curious, probing, rational, creative, demanding, self-aware, and humble. He leads with heart and soul, and is someone I learn from daily. My trust in him as our CEO is bone deep.

The second is Bret Taylor agreeing to become our board chair. I asked Bret to join our board when I became CEO, and he's been excellent in every way. He understands entrepreneurship, taking risks, companies at massive scale, technology, product, and he's an engineer. All of the things the board and the company deserve right now. Having Bret in this leadership role gives me a lot of confidence in the strength of our board going forward. You have no idea how happy this makes me!

The third is all of you. We have a lot of ambition and potential on this team. Consider this: Parag started here as an engineer who cared deeply about our work and now he's our CEO (I also had a similar path...he did it better!). This alone makes me proud. I know that Parag will be able to channel this energy best because he's lived it and knows what it takes. All of you have the potential to change the course of this company for the better. I believe this with all my heart!

Parag is CEO starting today. I'm going to serve on the board through rny term (May-ish) to help Parag and Bret with the transition. And after that...1'11 leave the board. Why not stay or become chair? I believe it's really important to give Parag the space he needs to lead. And back to my previous point, I believe it's critical a company can stand on its own, free of its founder's influence or direction.

I want you all to know that this was my decision and I own it. It was a tough one for me, of course. I love this service and company...and all of you so much. I'm really sad...yet really happy. There aren't many companies that get to this level. And there aren't many founders that choose their company over their own ego. I know we'll prove this was the right move.

We'll have an all-hands meeting tomorrow at 9:05 AM Pacific to discuss it all. Until then, thank you all for the trust you've placed in me, and for the openness to build that trust in Parag and yourselves. I love you all.
jack
PS I'm tweeting this email. My one wish is for Twitter Inc to be the most transparent company in the world. Hi mom!

23 Likes

Re: Jack Dorsey Resigns From Twitter by money121(m): 5:08pm On Nov 29, 2021
Expect update from oga Lair muhammed grin grin

Awon Oni yeye grin grin

163 Likes 8 Shares

Re: Jack Dorsey Resigns From Twitter by PlayerMeji: 5:08pm On Nov 29, 2021
Why?

4 Likes

Re: Jack Dorsey Resigns From Twitter by revived: 5:08pm On Nov 29, 2021
Okay
Re: Jack Dorsey Resigns From Twitter by AdeOri99: 5:08pm On Nov 29, 2021
Cool
Re: Jack Dorsey Resigns From Twitter by mixta140(f): 5:08pm On Nov 29, 2021
The niggar don try ... I am coming too

8 Likes 2 Shares

Re: Jack Dorsey Resigns From Twitter by backbencher: 5:08pm On Nov 29, 2021
Like the way he wants twitter to grow without him.

After all the founder does not have to be the head and the tail...

105 Likes 5 Shares

Re: Jack Dorsey Resigns From Twitter by BruncleZuma: 5:08pm On Nov 29, 2021
grin grin grin grin

Top gainers from this news...

The Vanguard Group, Inc - Vanguard Group holds the largest stake in Twitter which represents nearly 79 million shares. This constitutes just under 10% of all outstanding Twitter shares.

Morgan Stanley - Multinational financial services and investment company Morgan Stanley (MS) holds the second-largest stake in Twitter which amounts to roughly 46 million shares, representing 5.8% of outstanding shares.

BlackRock Inc. (BLK) - BLK currently owns 37.2 million shares of Twitter. This stake accounts for roughly 4.7% of all outstanding shares.

SSgA Funds Management, Inc - It owns about 35.7 million shares of Twitter stock with a value of about $876 million. That is about 4.5% of all outstanding shares.


ClearBridge Investments LLC - This firm owns more than 24 million shares of Twitter, for a stake of about 3.07%.

I typed the above because a few clowns will claim Buhari had Jack fired...I swear BMCs are another brand of foolishness.

41 Likes 3 Shares

Re: Jack Dorsey Resigns From Twitter by lambsbread: 5:08pm On Nov 29, 2021
When will seun resign from Nairaland?

230 Likes 12 Shares

Re: Jack Dorsey Resigns From Twitter by nazicartel(m): 5:08pm On Nov 29, 2021
Respect!!!!.

9 Likes 3 Shares

Re: Jack Dorsey Resigns From Twitter by money121(m): 5:08pm On Nov 29, 2021
lambsbread:
When will seun resign from Nairaland?
Not now

16 Likes

Re: Jack Dorsey Resigns From Twitter by LibertyRep: 5:09pm On Nov 29, 2021
That you founded a company doesn't make you the eternal CEO. Major Shareholders determine who gets what

Serious background politics going on there.

However, hope some people won't add this to their phantom achievement

35 Likes

Re: Jack Dorsey Resigns From Twitter by Sasi54: 5:09pm On Nov 29, 2021
I hope say no b buhari cause make him run

8 Likes

Re: Jack Dorsey Resigns From Twitter by Mariangeles: 5:09pm On Nov 29, 2021
Seun, can you resign from nairaland? cheesy

110 Likes 7 Shares

Re: Jack Dorsey Resigns From Twitter by NotKnown: 5:09pm On Nov 29, 2021
No wonder he no send FG during negotiations

51 Likes 4 Shares

Re: Jack Dorsey Resigns From Twitter by yemmybx(m): 5:09pm On Nov 29, 2021
Hhh
Re: Jack Dorsey Resigns From Twitter by sharaawy(m): 5:09pm On Nov 29, 2021
Vag
Re: Jack Dorsey Resigns From Twitter by datola: 5:09pm On Nov 29, 2021
Real leaders

3 Likes

Re: Jack Dorsey Resigns From Twitter by Rebuke: 5:09pm On Nov 29, 2021
Hope the next person will take a brutal decision regarding Nigeria ban from Twitter

17 Likes

Re: Jack Dorsey Resigns From Twitter by LesbianBoy(m): 5:09pm On Nov 29, 2021
Why na? Company wey him start angry

4 Likes

Re: Jack Dorsey Resigns From Twitter by Felabrity: 5:09pm On Nov 29, 2021
Saw his post few days ago where his was expressing his love for twitter

2 Likes

Re: Jack Dorsey Resigns From Twitter by Okortor: 5:09pm On Nov 29, 2021
Power is transient.......

2 Likes

Re: Jack Dorsey Resigns From Twitter by GreatrAnalyst: 5:09pm On Nov 29, 2021
45!
Re: Jack Dorsey Resigns From Twitter by FunkyAlhaji2015: 5:09pm On Nov 29, 2021
I believe this has a lot to do with the Nigeria twitter ban. Twitter's stock really plummeted from the ban. PMB is big grin grin

When you're big, you're big abeg.

The President of Africa.

The Nnamdi Kanu's slayer. cheesy

25 Likes 1 Share

Re: Jack Dorsey Resigns From Twitter by Rossonero: 5:09pm On Nov 29, 2021
Correct Guy

2 Likes 2 Shares

Re: Jack Dorsey Resigns From Twitter by Orpe7(m): 5:09pm On Nov 29, 2021
LAI MOHAMMED don show am pepper

9 Likes 1 Share

Re: Jack Dorsey Resigns From Twitter by Leverage2021: 5:09pm On Nov 29, 2021
Buhari would call this achievement for his 8 years

I hope the economy will start growing with this news just like it did when they celebrated CBN banning one forex company

9 Likes

Re: Jack Dorsey Resigns From Twitter by Felabrity: 5:10pm On Nov 29, 2021
Hope he wasn't blackmailed

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