Twitter CEO Makes Stunning Announcement That Rocks The World

Dorsey co-founded Twitter with Evan Williams, Biz Stone and Noah Glass back in 2006 and served as CEO until 2008, then later returned to the CEO position in 2015 after former CEO Dick Costolo stepped down. Dorsey has a net worth of approximately $11.8 billion, according to real-time tracking by Forbes.

“There’s a lot of talk about the importance of a company being ‘founder led’,” Dorsey said in an email to employees shared on Twitter Monday. “Ultimately, I believe that’s severely limiting and a single point of failure. I’ve worked hard to ensure this company can break away from its founding and founders.”

Twitter chief technology officer Parag Agrawal has been named Dorsey’s successor. Agrawal was unanimously appointed by the social media board.

“He’s been my choice for some time given how deeply he understands the company and its needs,” Dorsey explained. “Parag has been behind every critical decision that has turned this company around.”

He also conveyed confidence in incoming independent board chairman Bret Taylor.

“He understands entrepreneurship, taking risks, companies at massive scale, technology, product and he’s an engineer,” Dorsey said. “All of the things the board and the company deserve right now.”

Dorsey went on to praise the drive and potential of the entire Twitter team.

When the news first broke Twitter shares were brought to a halt during Monday’s trading session after surging in pre-market trading.

“I want you all to know that this was my decision and I own it. It was a tough one for me, of course. I love this service and company…and all of you so much. I’m really sad…yet really happy.” Dorsey concluded. There aren’t many companies that get to this level. And there aren’t many founders that choose their company over their ego. I know we’ll prove this was the right move.”

Dorsey will stay on as a member of Twitter’s board until his term expires at the 2022 meeting of stockholders. Twitter will hold an all-hands meeting on Tuesday morning to discuss and answer employees’ questions about the transition. The company reiterated that there will be no changes to the company’s previously shared financial outlook for the fourth quarter or full year 2021 or its 2023 goals.