{"id":3286,"date":"2021-12-04T03:09:02","date_gmt":"2021-12-04T08:09:02","guid":{"rendered":"https:\/\/www.virlan.co\/trends\/?p=3286"},"modified":"2023-03-06T07:24:47","modified_gmt":"2023-03-06T12:24:47","slug":"jack-dorsey-expected-to-step-down-as-twitter-parag-agrawal-will-replace","status":"publish","type":"post","link":"https:\/\/www.virlan.co\/trends\/twitter\/jack-dorsey-expected-to-step-down-as-twitter-parag-agrawal-will-replace\/","title":{"rendered":"Jack Dorsey Expected to Step Down as Twitter CEO. Twitter CTO Parag Agrawal will replace Jack Dorsey as CEO"},"content":{"rendered":"\n

Jack Dorsey Expected to Step Down as Twitter CEO<\/h2>\n\n\n

Trading in Twitter stock was halted shortly after the CNBC report came out.<\/h6>\n
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Jack Dorsey<\/strong><\/a>, the bitcoin-friendly CEO of Twitter<\/strong><\/a>, is expected to step down from his position as head of the social media giant, according to CNBC.<\/p>\n<\/blockquote>\n

Twitter\u2019s stock initially jumped as much as 11% on the news, but trading was then halted by the NYSE due to \u201cnews pending.\u201d Shares of Square were up about 1%.<\/p>\n

who is Jack Dorsey ?<\/h2>\n
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Jack Patrick Dorsey<\/strong> is an American billionaire technology entrepreneur and philanthropist who is the co-founder and CEO of Twitter<\/strong> and the founder and CEO of Square<\/strong>, a financial payments company.<\/p>\n<\/blockquote>\n

The next CEO will have to meet Twitter\u2019s aggressive internal goals.<\/h3>\n

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.<\/p>\n

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\u2019s management.<\/p>\n

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Dorsey, who co-founded the social media giant in 2006, 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.<\/p>\n<\/blockquote>\n

Shares have jumped 85% since Dorsey took over as CEO Oct 5. 2015. Meantime, Square shares have surged 1,566% since its Nov. 19, 2015 initial public offering.<\/p>\n

Last year, billionaire investor Paul Singer\u2019s Elliott Management launched a bid to oust Dorsey from his role. However, Twitter’s board committee overseeing the review later recommended to keep Dorsey in the role.<\/p>\n\n\n

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Twitter CEO and cofounder Jack Dorsey is expected to bow out from his role at the social media company, according to CNBC. Twitter stock skyrocketed as much as 12.5% in pre-market trading immediately after the report, paring losses of nearly 14% this year. pic.twitter.com\/OsyLqnClc0<\/a><\/p>— Forbes (@Forbes) November 29, 2021<\/a><\/blockquote>