On Monday, Jack Dorsey stepped down from his position of Chief Executive Officer at microblogging platform Twitter. The announcement came from the company on Monday and Twitter’s Chief Technology Officer Parag Agrawal, has been named as Jack Dorsey’s replacement.
The news came as quite a shocker as there had been no intimations about Jack stepping down and if there were, they were far from being major. Like every other Founder/CEO that has stepped down, Jack Dorsey is going to be focusing his time, attention and energy on “other things”.
According to Jack, he is leaving Twitter because he thinks the company is ready to leave its founder’s nest. Although his reasons and explanations were vague, he said that “I’ve decided to leave Twitter because I believe the company is ready to move on from its founders”.
Jack Dorsey’s replacement Parag Agrawal, has been described by the former CEO as trusted and efficient hands. Parag Agrawal has served as the social media company’s Chief Technology Officer since 2017. He led projects to make tweets in the timelines of users more relevant and preference focused while leading strategies relating to artificial intelligence and machine learning. Before joining Twitter, he had interned in big names like Yahoo, Microsoft and AT&T. An email sent by Jack Dorsey said that Parag Agrawal has been the lead choice of replacement “for some time given how deeply he understands the company and its needs.
As the new CEO, Parag Agrawal will have to meet the company’s rigid internal goals. Twitter’s goal since this year has been to at least double its annual revenue and have 315 monetizable daily active users.
Apart from Twitter, Jack Dorsey is also leading payments company Square as the CEO. The assumption is that he is leaving Twitter to focus on building Square and to focus on other interests. For some time now, Jack Dorsey has been intrigued with cryptocurrencies, more specifically Bitcoin and relinquishing his role as CEO of Twitter will give him all the time he needs to focus on Square and his drive for cryptocurrencies. Who knows, stepping down as CEO may give him the time to brainstorm and launch something as superb as the metaverse. In June while speaking at the Bitcoin 2021 conference, Jack Dorsey said that “If I were not at Square or Twitter, I’d be working on Bitcoin”. So it is expected that he would be working on Bitcoin-related projects with his “free time”. Jack Dorsey will have all the time he needs for his cryptocurrency innovation plans which have always been his heartfelt desires after he “fell in love” with cryptocurrencies.
Tech experts have warmed up to Jack’s retirement and wish Twitter a new beginning with Parag Agrawal.