Twitter stocks surge, co-founder Jack Dorsey stepping down as CEO
Twitter says co-founder Jack Dorsey will step down as CEO of the social media platform.
Shares of Twitter surged on a report that Dorsey would step down. Twitter’s stock, which has consistently underperformed the market, jumped more than 10% at the opening bell Monday.
Dorsey will be succeeded by Twitter’s current Chief Technology Officer Parag Agrawal. He will remain on the board until his term expires in 2022. Agrawal has been CTO since 2017 and at Twitter since 2011.
Dorsey says in a letter posted on his Twitter account Monday that he was “really sad…yet really happy” about leaving the company and that it was his decision.
CNBC first reported that Dorsey may step down soon, citing anonymous sources.
Twitter did not immediately respond to a request for comment from The Associated Press.
Dorsey is also the top executive at Square, a financial payments company that he founded, and some big investors have openly questioned whether he can be effective leading both.