Founder gives up post: Twitter boss Dorsey resigns

Founder gives up post
Twitter boss Dorsey resigns

The double burden of being the boss of two companies is too much: CEO and co-founder of Twitter, Jack Dorsey, is relinquishing the reins. The 45-year-old hands over to technical director Parag Agrawal.

Twitter co-founder Jack Dorsey is giving up the head of the online service. His successor is the previous chief technology officer Parag Agrawal, as the company from San Francisco announced. The broadcaster CNBC had previously reported that the 45-year-old wanted to retire from the top of the company. The Twitter share then started trading in the US with a plus of a good ten percent.

Twitter 43.80

Dorsey was last at the top of Twitter since 2015. He is considered the inventor of the short message service: Dorsey posted the very first tweet in 2006. He led the company from May 2007 to October 2008. He then founded the payment service Square and took a short role on Twitter.

Since returning to the top of Twitter, he has run both companies at the same time – a double burden that has raised concerns among some investors. Dorsey had to agree to business targets to appease her. Under his leadership, Twitter largely managed to get out of the long-standing red figures – even if a settlement payment after an investor lawsuit led to a high loss again. At the same time, Twitter, with its business model, in which advertisers can bring tweets into the users’ timeline for money, does not come close to the advertising revenues of Facebook.

In the 2020 US election campaign and the pandemic, Twitter under Dorsey took a tough stance against misinformation about vaccines and Donald Trump’s claims that his White House victory was stolen by fraud. Dorsey was attacked by the Republicans in hearings in the US Congress.

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