Jack Dorsey has resigned as CEO of Twitter
The surprising announcement led to a 10 percent jump in social network shares.
Dorsey also runs the payments company Square and has previously been accused of not being able to run two public companies simultaneously
Niv Lillian
29/11/2021
Monday, 29 November 2021, 18:18 Updated: 18:22
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Jack Dorsey, CEO of Twitter (Photo: GettyImages)
Jack Dorsey, the founder and CEO of Twitter announced tonight (Monday) that he will retire from his position as CEO of the social network.
Dorsey (45) is a busy man: he is also the CEO of the payments company Square and has also recently begun to show a growing interest in cryptocurrencies.
Earlier, CNBC reported the expected move, which led to a jump in the company's shares by more than 10 percent. Difficult - to meet the target of 315 million daily subscribers generating revenue by the end of 2023. Dorsey was facing a difficult year of its own when the investment company Elliott, which owns Twitter shares, tried to replace it.
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Twitter (Photo: ShutterStock)
Paul Singer, who heads the company, wondered why Dorsey should run two public companies, and called on him to leave his position on Twitter or Square.
The company has reached an agreement with the management of Twitter.
Dorsey, who founded Twitter, served as CEO until 2008, before being fired. He returned to managing Twitter in 2015, after one of his successors, Dick Costolo, retired.
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