Jack Dorsey, co-founder and CEO of Twitter is going to step down his prestigious position at Twitter, says a CNBC report. It is a huge move to be taken by him. But what made him do that?
Reason
Earlier, there were rumours that Dorsey has decided to take a step down as he wants to focus on tbDex. Its his decentralized Bitcoin project which would allow people to convert their fiat into BTC without having to consider multiple platforms. Further, there were talks that he expected this project to perform better.
However, in a recent email to Twitter, he mentioned other reasons for stepping down after 18 years of serving the company. He said that a company should be free from its founding and founders. This is because a founder-led company is severely limiting.
Also he mentioned three other pivotal reasons for his exit including:
- Parag becoming Twitter CEO– Jack stated that it was the board’s unanimous decision to appoint Parag as the new CEO and that he was his choice for a significant period of time. Parag is well aware of the company’s needs and was behind every critical decision that aided the company, he added.
- Bret Taylor agreeing to be the board chair– Bret being the board leader has given Dorsey confidence in their board going forward.
- The reason mentioned ‘all of them’. Jack believes that the Twitter team has a lot of ambition and potential that might take their company forward.
Stock Surge and Dip
Twitter stock surged after the rumours broke out. It soared to $52.79 in a few minutes before the market opened today. This showed an increase of 11% from $47.54. The stocks were trading at $48.67 at 9:52 a.m. ET , showing an increase of 3.42% in the current trading session. However, when the news git confirmed, the stocks slightly dipped by 0.5%, trading at $46.87.
Yesterday itself, Jack had tweeted- “I love twitter” and today he is resigning. Some changes are inevitable.
