The short: Twitter co-founder Jack Dorsey stepped down from his role as CEO after 16 years at the company. The company’s board unanimously appointed CTO Parag Agrawal as his successor.
Behind the scenes: Industry insiders claim Jack was asked to resign by activist investment firm Elliot Management Corp. The firm acquired 4% of Twitter last year.
The firm laid out ambitious growth targets for Jack Dorsey, which included gaining significant advertising market share, increasing revenue from single-digit billion-dollar figures, and increasing Twitter’s user base by 20%.
Welp… Twitter met some of the growth targets, but not all. The story from the grapevine is Jack didn’t want to trade in his zen to fight for his position and resigned before he was asked.
Jack says: “it’s finally time for me to leave”. He shared that it’s time for Twitter to be independent of its founders and for the company to be steered in a new direction by Parag. Jack won’t retain a board seat after May 2022 – to give “Parag the space he needs to lead.”
Methinks Jack is tired of the regulatory bs. There’s a time in a tech CEO’s life, especially one with an engineering background – where they get less interested in skimming through policy binders for Capitol hill hearings and more interested in product development.
Being Twitter’s CEO might not have been fun anymore. I reckon Jack is having a better time playing in the less regulated waters of bitcoin and DeFi.
Nu Twitter, who dis?
New CEO Parag Agrawal
Who’s leaving? Dantley Davis and Michael Montano, Twitter’s Chief Design Officer and Head of Engineering stepped down from their roles due to Pawal’s leadership shakeup.
New Policy: Twitter announced a new policy banning nonconsensual sharing of media of private citizens. People who post photos and videos of strangers for laughs on the internet would have those kinds of content taken down.
By the numbers: Following Jack’s announcement on Monday, Twitter’s stock experienced an 11% leap. However, it bottomed out at nearly 3% as the market got a better sense of Twitter’s succession plan.
Final thoughts: I like Jack. I think his latest Web 3 explorations are a better use of his skills than remaining Twitter’s CEO. I’m rooting for Twitter. I love the product, and I need them to unleash their true potential. Stat!