So Long, Jack
On Monday, Jack Dorsey stepped down from his position as CEO of Twitter. Jack said he left Twitter because he “believes the company is ready to move on from its founders.” He warned against the consequences of a company’s owner staying for too long.
The new CEO is Parag Agrawal — he joined Twitter as a software engineer in 2011 and worked his way up to become CTO in 2017. He used to be responsible for Twitter’s technical strategy and overseeing machine learning and AI across the company. Now, Parag’s the big boss.
Dorsey’s resignation was surprising, but investors initially reacted positively to the news. Shares of twitter jumped over 10% in pre-market trading when word got out! However, shares closed down 2.74% at market close, so maybe investors didn’t like the surprise after all. How do you feel about Dorsey’s resignation?
Dorsey trusts Parag to steer the ship in the right direction. He described his trust in the new CEO as “bone deep.” As the world and technology evolve, Jack and Parag share a similar vision for Twitter’s future. Specifically, they are both in the world of decentralization.
Dorsey is a notable Bitcoin enthusiast — his company Square holds over 8,000 Bitcoin, currently worth $459 million. Parag was a key member in Project Bluesky, a project funded by Twitter to create a decentralized social network. The two share similar passions and an understanding of the future of Twitter.
It’ll be interesting to see how the market continues to react to the resignation this week.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.