November 30, 2021
Twitter co-founder and CEO Jack Dorsey recently announced that he is stepping down as CEO of Twitter.
He went on to explain that the company’s technical director, Parag Agrawal, will take over as CEO when his term expires. Jack Dorsey noted in the statement posted on his account, “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. Why not stay or become chair? I believe it’s really important to give Parag the space he needs to lead.”
Analyzing Jack’s withdrawal from his role at Twitter, Victoria Scholar, an investment analyst at Interactive Investor, said the move came as no surprise to Twitter’s board, “who has reportedly been preparing to say goodbye to Dorsey since last year.” The change is therefore expected to propel “Twitter to turn over a new leaf and take a bigger risk.”
For Mike Solana, head of private equity firm Founders Fund, things will get worse without Jack as CEO. He explained: “People tend to conflate Jack Dorsey with Twitter censorship, but my sense is he’s actually done what he could these past few years to keep the platform relatively open. Things will be worse without him, not better. Godspeed, bird king.”
For more information, read the original story in BBC.
