Jack Dorsey stepped down on Monday as CEO of Twitter, the social media site which Dorsey co-founded in 2006 and navigated through the years of the Trump administration. As Jack Dorsey suddenly stepped down as Twitter CEO he handed the position to Parag Agrawal, an India-born software engineer who has become the leader in shaping the social media company’s future. Agrawal’s fluence in product & project development appealed to the members of board told the New York Times. Parag Agrawal, who as the company’s CTO had recently been working on technologies associated with cryptocurrencies. Agrawal, who’s been serving as CTO since 2017, has been with Twitter for more than a decade. Mr Agrawal, 37 began his profession at Twitter 10 years ago as an engineer. He moved gradually up through the organization and was made its central innovation official in 2017.
The new CEO Parag Agrawal was born in Ajmer, Rajasthan, India. Later he shifted to Mumbai. His father was a senior official in the Indian Department of Atomic Energy and his mother is a retired school teacher.
In early 2020, Dorsey faced calls from Elliott Management Corp to step down from the position of CEO, after the hedge fund argued that he was paying very little attention to Twitter while he was more busy with Square Inc, a payment service provider.
In a joint statement issued after the announcement, Elliott Managing Partner endorsed the argument passing. “We are confident that Agrawal and Taylor are the right leaders for Twitter at this pivotal moment for the company.” Dorsey will now focus on leading Square told Reuters.
“Parag has been behind each basic choice that aided turn this organization around,” Mr. Dorsey said in his email. “My confidence in him as our C.E.O. is bone-profound.”Jack Dorsey
Most of Mr. Jack Dorsey’s wealth comes from Square, which he helped to establish in 2009 during his last takeoff from Twitter. Last year, Mr. Dorsey reported that he would give $1 billion, or almost 33% of his complete abundance at that point, to help programs identified with the COVID-19 and other magnanimous undertakings. Mr. Dorsey additionally has given $15 million to ensured pay projects, which permit urban areas to offer monetary help to inhabitants out of luck. Forbes gauges Mr. Dorsey’s total assets at more than $11 billion.
To add more, Twitter shares have jumped 85% since Dorsey took over as CEO on Oct 5. 2015. Square stock has surged 1,566% since its initial public offering on Nov. 19, 2015.