On the net, the line is always moving.
Jack Dorsey is going to step down from his role as the CEO of Twitter, according to an initial CNBC report. Twitter's stock was rising from the world-historical news before it was halted until the news is further expanded upon.
Dorsey also shared a screencap of an internal email to his staff on Twitter, officially confirming his resignation from the CEO position. "I decided it's finally time for me to leave," he wrote in the email.
Twitter's CTO Parag Agrawal will step up to succeed Dorsey as the new CEO. And while he expressed absolute confidence in Agrawal's future in the role, we should make no mistake: This could change the shape of the internet forever.
Jack Dorsey announces his official resignation as Twitter CEO
"After almost 16 tears of having a role at our company," wrote Dorsey in his screencapped email to Twitter staff, "from co-founder to CEO to Chair to Exec Chair to interim-CEO to CEO...I decided it's finally time for me to leave." Dorsey suggested that the idea of a "founder-led" company is ultimately a "severely limiting and a single point of failure. I've worked hard to ensure this company can break away from its founding and founders." And the now-ex-CEO of Twitter laid out three reasons for why now is the apt time for his departure.
Dorsey will remain on the Board of the company until his current term expires in 2022, during the next stockholder meeting, according to the CNBC report. The Salesforce President and COO Bret Taylor will become the next Chairman of the Board, taking Patrick Pichette's place, who is a former Google Executive. "I've decided to leave Twitter because I believe the company is ready to move on from its founders," said Dorsey. His stated reasons in the screencapped email include Parag Agrawal becoming the new CEO of Twitter. "The board ran a rigorous process considering all options and unanimously appointed Parag," said Dorsey. "He's been my choice for some time given how deeply he understands the company and its needs."
not sure anyone has heard but,— jack⚡️ (@jack) November 29, 2021
I resigned from Twitter pic.twitter.com/G5tUkSSxkl
Social media is restructuring for the 2020s
The second of three reasons was Bret Taylor becoming the board chair, with a third reason offered by Dorsey to explain his departure being the bulk of Twitter employees themselves. Beyond these, Dorsey didn't give a clear reason for the timing of his decision. "I want you all to know that this was my decision and I own it," said Dorsey in his email to Twitter staff.
"It was a tough one for me, of course. I love this service and company, and all of you so much," added Dorsey, in the tweeted email screencap. "I'm really sad, yet really happy. There aren't many companies that get to this level. And there aren't many founders that choose their company over their own ego. I know we'll prove this was the right move." With Facebook's recent pivot and rebrand to "Meta", we should expect Twitter and other social media companies to undergo continued restructuring as we enter the new decade.
This was a breaking story and was regularly updated as new information became available.