Twitter has announced that Parag Agrawal, the company's current chief technology officer, will succeed him.
Twitter co-founder and CEO Jack Dorsey has been in charge of both Twitter and Square since the latter was created in 2012.
He stated in a statement that the organization was "ready to move on" and that "it's now time for me to depart."
According to Mr. Dorsey, he has "great" confidence in his successor. "My heartfelt thanks to him for everything that he has done, both professionally and personally. It's time for him to take the reins "he said.
As of 2017, Mr. Agrawal served as Twitter's head of technology.
'I love Twitter'
His nose-ring, lengthy beard, and health practice of yoga and eating just one meal a day violated business norms.
While operating Square, he came under criticism from investors who thought that Twitter was not receiving the attention it required.
Mr. Dorsey posted "I love Twitter" on Sunday, seemingly out of the blue.
I love twitter
— jack⚡️ (@jack) November 28, 2021
"Not sure anybody has heard but I resigned from Twitter," Mr. Dorsey tweeted in a separate message to the formal corporate announcement.
"When it comes to starting a business, "founder-led" has become the buzzword. Ultimately, I feel it's a solitary point of failure and significantly restricting "he stated in an attached email that he delivered to his employees.
He also said that he would step down from the board when his time was up.
"To be honest, why leave? I think it's critical to allow Parag the latitude he needs to take the reins of the organization."
Twitter's stock price soared when CNBC initially reported that CEO Jack Dorsey was leaving the company.
By the end of the day, shares were trading at a discount to their closing price last week.
Bird King Godspeed.
Twitter's board of directors, according to Victoria Scholar, an investment analyst at Interactive Investor, "had apparently been prepared to say goodbye to Dorsey since last year," was not surprised by the news.
The change was being seen "as a way for Twitter to turn over a new leaf and take bigger risks", she said of the shift.
Dorsey made an audacious decision after the Capitol riots when he barred former President Trump from the site. It drew harsh rebukes from some of Donald Trump's most ardent followers.
Many people see Jack Dorsey as a person who restricts the freedom of expression on Twitter, but my impression is that the platform has remained quite open over the last few years," Mike Solana, the CEO of private equity company Founders Fund, said in a tweet.
"Things will be worse without him, not better. Godspeed, bird king," he added.
In some ways, Jack Dorsey embodies the CEO of Silicon Valley's most popular social network.
One of the world's wealthiest men is also the founder of Twitter and Square, both of which have become household names.
He wears tie-dye t-shirts and has a beard like a wizard, but he's not a wizard. He's a hippy at heart, and he has big hopes for how technology may improve the world.
For example, he honestly thinks that Bitcoin may bring about "global peace." Twitter, on the other hand, has undoubtedly revolutionized the globe.
Politicians' ability to interact directly with their constituents and the public as a whole has been reshaped by the Internet.
As far as Twitter users go, Donald Trump is perhaps the most well-known. The president of the United States, a populist, took use of the platform to circumvent the established media.
His removal from Twitter during the riots in DC was certainly the most contentious point of his career as a platform owner.
The manner in which he left is also intriguing. He's resigning from the board and resigning from the corporation as a whole.
In contrast, Jeff Bezos, Amazon's former CEO, still wields considerable power after stepping down earlier this year.
Dorsey maintains that he made the choice. It's possible that in a multi-billion dollar corporation, there may be more going on under the hood.
He's in his forties, but he's still got big plans to make a difference in the world. He's done it before, and he could do it again.
'Leadership with a clear vision
Biz Stone, Evan Williams, and Noah Glass formed the firm in 2006 at the age of 45.
The fact that Mr. Dorsey has been CEO for so long and has posted some of the company's first tweets makes him the company's public face.
Twitter CEO Jack Dorsey started the digital payments service Square in 2008, which is now worth billions of dollars.
Square, a company founded by Jack Dorsey, has been acquired in Australia's largest acquisition.
The first tweet sent by Jack Dorsey sold for $2.9 million.
In 2015, however, he was rehired as Twitter's new CEO when Dick Costolo resigned.
According to his new job title, he has been called upon to testify before Congress on Twitter's involvement in spreading misinformation and how quickly it is responding to those allegations.
Both sides of the political split have accused it of political bias, much like other social media platforms
An investment group that has a large stake in Twitter, Elliott Management, issued a call for his resignation in 2020. It was thought that a full-time CEO with only one business to manage would be more beneficial to Twitter's long-term success.
However, a compromise was reached that allowed Mr. Dorsey to continue in his position.
After the departure of CEO Jack Dorsey, Elliott praised the new management team as "the proper leaders for Twitter at this important juncture for the firm".
Bret Taylor, a longtime Twitter board member and former Google and Salesforce executive, has been named chairman of the company's board, which also includes a number of other changes.
Thank you for your visionary leadership and unwavering devotion to Twitter since its inception, Jack, Mr. Taylor added.
In the midst of a crisis, Jack returned to Twitter and led the company to its greatest success." Since then, things have only gotten better and better.
In the words of Jack, "Jack has given the world something priceless, and we shall carry it on.".
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