CNBC reported on the morning of November 29 that Twitter CEO Jack Dorsey is expected to retire from his Twitter job.Immediately after that, Mr. Dorsey himself made this rumor.Admit, Twitter has released a press release with details. Dorsey will be replaced by Parag Agrawal, who joined Twitter as an engineer in 2011 and has been CTO since 2017.
“I often hear about the importance of a company being’founder-led’,” Dorsey wrote in an email to Twitter staff and tweeted it. “In the end, I think it’s very limited and a single point of failure. I’ve been trying to get the company out of its founder and founder,” he said.
Dorsey is CEO of Twitter and Square, a financial company that provides payment, cash management and money transfer services to both consumers and businesses.
According to Twitter, Dorsey will remain a board member of the company until his term expires at the 2022 shareholders’ meeting. At the same time as Dorsey’s retirement, Bret Taylor was appointed to replace Patrick Pichette, Chairman of the Board. Mr. Pichette will remain on the board and will continue to chair the audit committee.
Dorsey cites Taylor’s joining the board as one of the reasons he can resign with confidence. “I understand entrepreneurship, taking risks, big companies, technologies, products, and I’m an engineer,” Taylor said.
not sure anyone has heard but,
I resigned from Twitter pic.twitter.com/G5tUkSSxkl
— jack⚡️ (@jack) November 29, 2021
Twitter says the change to the top will not change its previously announced fourth-quarter and full-year 2021 outlook and 2023 targets.
Twitter’s stock price has risen following the news of Dorsey’s retirement. At the beginning of the week, the deal lost its profits in the first few minutes, but at the time of writing the article was up 6.1%.
renew:Twitter’s share price has fallen 0.13% at the time of this update (12:43 pm EST), effectively leveling off.
For reference, Twitter’s value as of November 29 is about $ 40 billion (about 4,548.5 billion yen). But it’s less than half that of Square, which has an open market value of just over $ 99 billion.
It is difficult to run a listed company with just one company. Running two companies is not trivial and seems not easy. Square’s share price has also risen to a greater or lesser extent on the morning of November 29 (Twitter has been disliked by investors due to the CEO’s diversification of time). Square has told TechCrunch that Dorsey’s role at the company hasn’t changed, and that his management, strategy, and financial outlook haven’t changed.
“I want you to know that this is my decision and my responsibility,” Dorsey wrote. “Not many founders chose a company over their ego. I believe we can prove that this was the right thing to do.”
“We have a lot of confidence in Parag as Twitter’s CEO,” Dorsey said, praising his successor in a statement released. “His work over the last decade has revolutionized. I am deeply grateful for his skills, heart and soul. It’s time for him to lead.”
Agrawal has been in charge of technology strategy on Twitter and has led efforts to speed up development. He has also advanced machine learning throughout the company. Prior to being appointed CTO, he was Twitter’s first Distinguished Issue for his work across revenue and consumer engineering, including helping to re-accelerate audience growth in 2016 and 2017. He said he became a de engineer. He holds a doctorate in computer science from Stanford University and a bachelor’s degree in computer science and engineering from the Indian Institute of Technology, Bombay.
“I would like to thank the Board for trusting my leadership and Jack for providing ongoing guidance, support and partnership,” Agrawal said in a statement. “I look forward to further developing everything I have achieved under Jack’s leadership, and I feel enormous energy for future opportunities. We will deliver tremendous value to our customers and shareholders while rebuilding the future of public conversation. “
Also, send an email to the Twitter teamTweetIntroduced in, he is committed to implementing Twitter’s strategy and achieving “ambitious goals,” but points out that the approach to implementing the plan and achieving results will be questioned. Twitter will hold an all-employee meeting on November 30th, spending time on questions and answers.
Deep gratitude for @jack and our entire team, and so much excitement for the future. Here’s the note I sent to the company. Thank you all for your trust and support ???? https://t.co/eNatG1dqH6 pic.twitter.com/liJmTbpYs1
— Parag Agrawal (@paraga) November 29, 2021
Great product development
Twitter’s leadership and product direction have long been criticized for being too conservative, too slow, or both. However, Twitter’s ability to develop and ship new products and services has accelerated in recent quarters.
Twitter’s features have been largely stagnant for years, with the exception of major changes such as increasing the number of characters that can be tweeted, but they have introduced a number of new features and made acquisitions.
Twitter has entered live audio with Spaces and introduced monetization features such as Ticketed Spaces, Tip Jar, and live stream shopping (Meta apps such as Facebook and Instagram are also accelerating the pace of e-commerce). Recently, it launched Twitter Blue, a $ 2.99 / month subscription service that provides a more customizable user experience (such as tweet cancellation).
Related article
・ Twitter’s paid subscription “Blue” that can use various convenient functions is now available in the United States and New Zealand
・ Acquired “Threader”, an application that Twitter shares threads together
・ Twitter acquired the group chat app Sphere, and further expanded the company’s products.
Twitter acquires Dutch newsletter platform Revue, providing authors with a way to get paid
Twitter has also made an acquisition to add more functionality to the service. So far, 2021 has acquired companies such as Threader (contribution to the development of Twitter Blue’s thread browsing function), Sphere (group social messaging app), and Breaker (contribution to the development of Spaces). Should be Revue, a convenient newsletter platform that allows writers to link their posts directly to their profile.
Finally, it’s no secret that Mr. Dorsey is interested in crypto assets. His Twitter background is literally “#bitcoin,” but he’s not the only supporter. Twitter is working on ways for users to display NFTs on their profiles, or more broadly, Twitter has a decentralized web project, Bluesky. However, Dorsey’s retirement may not slow down Twitter’s crypto assets, especially as the company announced in early November 2021 that it would build a team dedicated to crypto assets. At the time, the company told TechCrunch that Agrawal would work with a new crypto team to explore the future of crypto assets on Twitter and support efforts to decentralize social media with blockchain technology. ..
When asked for detailed comments on the news, the company did not immediately respond.
Related article
・ Will Twitter’s future of decentralization and the outlook for comprehensive open standards hunt down the far right of the Internet?
・ Twitter establishes cryptographic technology team “Twitter Crypto”, aiming to become a research base for blockchain and Web3
Image Credits: Amal KS / Hindustan Times / Getty Images
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(Sentence: Alex Wilhelm, Amanda Silberling, Translation:Nariko Mizoguchi）
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