Twitter co-founder and CEO Jack Dorsey is stepping down as chief executive of the company, marking the end of the company’s tenure, which was created and driven by future thinking and sometimes confusing. Dorsey will remain a member of the Twitter board until next year.
The story, first reported by CNBC, was shocking in some ways, especially because of the timing: Monday morning and company leave on Twitter after a week of thanksgiving.
In other words, Dorsey’s resignation has been expected. Wall Street advertisers criticized the founder of Twitter for its outward ambitions: running one of the most important technical companies he founded, Square; tracking future projects around internet sharing and blockchain; and wanderers in the world. Last year, an impressive businessman Elliott Management he had been pressured to resign immediately.
Instead Dorsey is a former Twitter CTO Parag Agrawal, who has worked for the company for 10 years and is regarded as a trusted leader among his employees. Agrawal was overseeing Dorsey’s vision to create a more traditional, built-in blockchain technology, that would allow users to choose their own algorithms.
While it is still too early to say whether Twitter will work differently from the Agrawal watch, what we do know is that the company is losing a visionary start-up leader, a startup thinker. He may have sometimes had no CEO, but he is respected by many in the tech industry for creating a platform that allows people to discuss minor issues and changes around the world, and maintain a sense of humor and humor. personal style.
“I want you all to know that this was my choice and I have it. It was hard for me, of course. I love this work with the company … and all of you very much. I’m so sorry … but so happy, “Dorsey wrote Monday in a company email he also tweeted. “There are not many companies that reach this level. And there are not many startups who choose their company more than they like. I know we will make sure that this was the right move.”
You can read Dorsey’s emphasis on the “founder of ego” in his farewell letters such as digging at Facebook CEO Mark Zuckerberg, who founded the company 17 years ago and seems to have no intention of quitting. Unlike Zuckerberg, Dorsey has been active in delivering major decisions – such as ousting former President Donald Trump on the platform – to his staff, as chief justice. Vijaya Gadde, whose party called for a final ban on Trump, is the signing of Dorsey (Dorsey he is said to have traveled to French Polynesia at the time of judgment).
Dorsey was in some ways an uncooperative leader, and under his leadership, Twitter did things differently. Although Twitter faces the same problems of hate speech, extremism, and harassment that any major social networking site encounters, it has been able to be praised by members of the media research team for providing more visibility, at least compared to their competitors, which it goes. viruses on its platform. And the company has an incredible influence as a media platform selected for world leaders, journalists, and many celebrities and celebrities.
But at the same time, it has struggle to find the number of users and financial success like competitors like YouTube, TikTok, and Facebook. This is because Twitter, unlike its other competitors, has taken a step towards reducing its size. For a long time, Twitter was not focused on making money; did not sell the product for many years. Its design has not changed much. It has not, as usual, acquired or adopted its competitor, as Facebook does on a regular basis.
And some of Dorsey’s ideas and interests have given foreign opponents a lot of reasons to push to replace him in recent years. Dorsey wanted to leave Silicon Valley to go to Africa for at least three months in 2019 (then abandoned the plans), and a few years ago, he began to spend more and more time creating a new social media platform, Bluesky. In Dorsey’s tweets and public interviews over the past few years, he has spent more time talking about Bluesky, crypto, blockchain, and other online activities that are more relevant than the size of Twitter.
The Elliott Management team turned Dorsey’s interest into his backbone trying to push Dorsey out about the company last year.
However, despite these difficulties, Dorsey is leaving Twitter in a stronger position compared to a year ago. In recent months, Twitter has been making a lot of money from its sales at a faster rate than just advertising, launching tools like Twitter Blue, a paid subscription type platform. And the company’s profits from the previous quarter have been strong.
“Jack says he prefers the company more than he likes himself, but I think this is good for the company – and he stops saying that stocks have gone up,” a former Twitter executive told Recode. The source also said that Dorsey trusts the new CEO Agrawal, who has fulfilled his vision so far. “A change in leadership always gives engineers a sense of awe …
Dorsey stepped down as CEO of Twitter once in the past, after being pushed out by his team in 2008, to have a Steve Jobs returns in 2015. However, it seems unlikely that he will ever return.
There’s still a lot we still don’t know about leadership change on Twitter. In the coming weeks, we should expect to know more about how Dorsey left and how the company could change under Agrawal.
But what is clear now is that Dorsey’s exit is another example of some high-tech companies. As my friend Peter Kafka wrote earlier this year when Amazon founder Jeff Bezos said leaving his CEO position, Big Tech has grown so much that it no longer needs startups like amigod. Bezos, Steve Jobs’ s Apple Jobs, and Google’s Sergey Brin and Larry Page all dedicated their companies to reliable managers with very low turnover – and these companies are still doing well financially.
Apart from this is Mark Zuckerberg, the founding CEO of technology who seems to have no intention of stepping down, despite him and his company facing the scandal. Unlike Dorsey, Zuckerberg was paid by Wall Street for his constant focus on growing his company’s profits. And unlike Dorsey, Zuckerberg was able to negotiate unity on his team from the start.
Dorsey would still be in charge if he had too much power on the Twitter board or had expanded the company on a larger scale like Facebook.
But instead, Twitter is entering a new era – one without eccentric, witch’s beard leader who ran Congress and the poetry of the future of the web divided into categories. The Dorsey years were probably not very stable, but they were memorable.
Peter Kafka helped publicize the story.