JACK Dorsey announced on Monday that he will step down as Twitter’s CEO today.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founder,” Dorsey said in a statement.
“My trust in Parag as Twitter’s CEO is deep. His work over the past 10 years has been transformational. I’m deeply grateful for his skill, heart, and soul. It’s his time to lead.”
The entrepreneur also shared the email that he sent internal employees on Twitter, signing off “hi mom!”
“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,” he said in the statement. “There aren’t many companies to 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 remain on the team until “May-ish,” he said, to help with the transition.
Following the news, Twitter stocks were seen to soar up to nine percent higher, while Square – a company that Dorsey is also CEO of – was up three percent.
Nasdaq then quickly suspended the trading of Twitter shares.
The company’s board has been preparing for Dorsey’s departure since last year, sources said.
The shocking news comes over a decade after Dorsey, 45, co-founded the social media platform.
He co-founded Twitter with Ev Williams, Biz Stone and Noah Glass in 2006.
Back in 2020, Dorsey had shared his plans to spend six months in Africa, while still working for the company. It is unclear if that is where he will go if he does step down.
“I had been working on my plans where I’d work decentralized, as my team and I do when we travel, but in light of COVID-19 and everything else going on, I need to re-evaluate. Either way we’ll continue to pursue opportunities in Africa,” he said.
DORSEY’S HUGE NET WORTH
As of 2021, Dorsey has an estimated net worth of $13.8billion, according to Forbes.
While being the Twitter co-founder has a large part to do with his extensive net worth, Celebrity Net Worth reports that his stake in the mobile payments company Square is where the majority of his net worth comes from.
Dorsey owns 2 percent of Twitter’s shares, which is worth an estimated $800million, and he owns 43 million shares of Square, which has an estimated worth of $9billion.
Born in St. Louis, Missouri, at an early age Dorsey excelled in technology. At just 15 years old he wrote taxi dispatch software that is still used by some taxicab companies today.
Two years later, Dorsey hacked New York City’s largest taxi dispatch company and was offered a job.
With all the money Dorsey has earned over the years, he has also given back. In April 2020, he donated $1billion to Start Small, an LLC he started.
“I’m moving $1billion of my Square equity (around 28% of my wealth) to #startsmall LLC to fund global Covid-19 relief. After we disarm this pandemic, the focus will shift to girl’s health and education and UBI [Universal Basic Income]. It will operate transparently…” Dorsey tweeted on April 7, 2020.
UPCOMING BITCOIN VENTURE
Just two weeks ago, Dorsey revealed his plans for Square to venture into the Bitcoin business.
Dorsey faced calls from Elliott Management Corp to step down, after the hedge fund argued he was paying too little attention to Twitter while also running payments processing company Square Inc.
Dorsey fended off the pressure by giving Elliott and its ally, buyout firm Silver Lake Partners, seats on Twitter’s board.
In March 2021, Dorsey also tried selling the first-ever tweet as an NFT collector’s item.
On March 21 2006, Dorsey posted his first tweet which said: “just setting up my twttr.”
Dorsey and his co-founders bought the Twitter name for around $7000.
Looking back on the social media company’s development earlier this year, he said he would do things differently.
Speaking at TED 2019 in Vancouver, Canada, Dorsey said: “If I had to start the service again, I would not emphasize the ‘follower’ count as much. I would not emphasize the ‘like’ count as much.”
In his most recent tweet from just yesterday, Dorsey said: “I love twitter”. The likes on that tweet surged to more than 54,000 on Monday.
DORSEY’S BRUTAL REGIME
Dorsey survives on a brutal diet and exercise regimen backed up by hours of relaxing meditation every day.
The billionaire also told how he has turned his back on warm showers completely and walks to work for an hour and a quarter after chilling ice baths to stay extra sharp.
California-based Dorsey was vegan for two years but switched to the paleo diet after his mother pointed out he was turning orange from too much beta kerotine.
Jack Dorsey’s resignation email:
After almost 16 years of having a role at our company…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. Why?
There’s a lot of talk about the importance of a company being “founder-led.” 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. There are 3 reasons I believe now is the right
The first is Parag becoming our CEO. The board ran a rigorous process considering all options and unanimously appointed Parag. He’s been
my choice for some time given how deeply he understands the company and its needs. Parag has been behind every critical decision that
helped turn this company around. He’s curious, probing, rational, creative, demanding, self-aware, and humble. He leads with heart and soul,
and is someone I learn from daily. My trust in him as our CEO is bone deep.
The second is Bret Taylor agreeing to become our board chair. I asked Bret to join our board when I became CEO, and he’s been excellent in
every way. He understands entrepreneurship, taking risks, companies at massive scale, technology, product, and he’s an engineer. All of the
things the board and the company deserve right now. Having Bret in this leadership role gives me a lot of confidence in the strength of our board
going forward. You have no idea how happy this makes me!
The third is all of you. We have a lot of ambition and potential on this team. Consider this: Parag started here as an engineer who cared deeply
about our work and now he’s our CEO (I also had a similar path…he did it better!). This alone makes me proud. I know that Parag will be able to
channel this energy best because he’s lived it and knows what it takes. All of you have the potential to change the course of this company for the
better. I believe this with all my heart
Parag is CEO starting today. I’m going to serve on the board through my term (May-ish) to help Parag and Bret with the transition. And after
that…l’ll leave the board. Why not stay or become chair? I believe it’s really important to give Parag the space he needs to lead. And back to my
previous point, I believe it’s critical a company can stand on its own, free of its founder’s influence or direction.
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. 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.
Well have an all-hands meeting tomorrow at 9:05 AM Pacific to discuss it all. Until then, thank you all for the trust you’ve placed in me, and for
the openness to build that trust in Parag and yourselves. I love you all.
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