Jack Dorsey confirms that he will cease to be CEO of Twitter, announces his replacement and shareholders “celebrate” with a rise in the stock market

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Jack Dorsey, who is the person who founded the social network Twitter and its CEO, has confirmed that he is leaving his position at the head of the platform. First the US media CNBC leaked this information and after this, the company’s shares rose up to 11%. A few hours later, Dorsey has confirmed the rumors.

Dorsey was until now CEO of Twitter and also CEO of Square, his digital payments company. Investor firm Elliott Management, a Twitter shareholder, I had already tried to replace Jack Dorsey as CEO in 2020.

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Elliott Management founder and billionaire investor Paul Singer had wondered if Dorsey should run the two companies. asking him to stop being CEO of one of them.

Jack Dorsey posted yesterday on his platform profile who loves Twitter:

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Parag will be your substitute

Today, in the afternoon in Spain, Dorsey published new information, somewhat more profound, and confirming that he is leaving his job and announcing who will replace him: Parag. “The board of directors conducted a rigorous process considering all options and appointed Parag unanimously. He has been my choice for a long time given how well he understands the company and its needs. Parag has been behind every critical decision that helped turn this company around. ”

It refers to Parag Agrawal, who until I was now CTO or Chief Technology Officer on Twitter. Another novelty is that Bret Taylor will be the chairman of the board of directors.

Dorsey will be on the board of directors and will have to help Parag and Bret with the transition. In spring he hopes to leave the board. He says that there are those who have told him why he does not hold a position of responsibility, while Dorsey affirms that “I think it is essential that a company can fend for itself, free from the influence or direction of its founder. ”He claims that this was his own decision.

Dorsey between cryptocurrencies and NFTs

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It remains to be seen what happens now after Dorse’s departure as leader of the company he created. It should be remembered that in recent months, the movements of Dorsey and Twitter have revolved around cryptocurrencies and also NFT technology. With the current CTO appointed CEO, a certain continuity is envisioned.

In March of this year Dorsey asked his followers, “Do you want to buy this tweet?” and put on sale his first message published through Twitter in 2006 (where it said “Just setting up my twttr”), in the form of a non-fungible token (NFT). This led to a million-dollar auction through the Valuables website, launched three months ago to sell tweets using these NFT mechanisms.

Last September he announced that Twitter already accepted tips in the form of bitcoin and anticipated that they are already working on adopting the NFTs in their social network. In March of this year, Dorsey himself put the NFT of his first tweet up for sale, published in 2006.

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