Last Updated: December 6, 2021
Twitter’s CEO Jack Dorsey has stepped down. He posted the announcement on Twitter, giving assurance that it is for the best of the company. However, he didn’t provide a specific reason for the decision.
Dorsey and his associates conceptualized and created Twitter in the late 2000s. Initially, they planned to make it a space for people to share “micro-blogs” with a few people.
However, it quickly expanded into its current form and gained popularity. Now, users post over 500 million Tweets a day.
In the announcement, Dorsey names Parag Agrawal, former CTO of Twitter, as his successor. He says Agrawal has been his choice for some time, being someone who understands Twitter and its trajectory.
Although he didn’t give a concrete reason for his departure, Dorsey did say he’s putting the “company over his own ego.” Dorsey has been the “face” of Twitter since its creation, much like Mark Zuckerberg with Facebook. Agrawal differs from Dorsey in that he shuns the limelight.
In addition, Dorsey said a company should be able to stand without its founders. Some speculate this indicates a new direction for the social media platform, at least in terms of public relations. The faces take a step back while the company is pushed forward.
Dorsey will stay on the Twitter board until Q2 2022. After that, he’ll leave the company to focus his attention elsewhere. He’ll primarily work on his passion project, “Square,” which changed its name to “Block” shortly after he stepped down as Twitter CEO.
Square is one of the top-rated payment gateway services. It has now expanded to include crypto and blockchain projects. Dorsey has long been a supporter of Bitcoin, crypto, and decentralization. He even sold his first tweet as an NFT.
Twitter has fared better than Meta in terms of the user base. Some platforms, like Instagram and Facebook, are reportedly having trouble gathering younger users in the face of TikTok’s rise. Unlike them, Twitter managed to increase its subscriber base.
This, along with the new, focused CEO with intricate knowledge, speaks well for the platform’s future.