‘I am choosing the company over my ego’: Jack Dorsey posts resignation letter on Twitter as he denies he was forced out of $11BN firm
The 45-year-old posted his resignation letter on Monday, in which he explained he had ‘worked hard to ensure this company can break away from its founding and founders’ before patting himself on the back by noting ‘there aren’t many founders that choose their company over ego.
‘I know we’ll prove this was the right move.’
Parag Agrawal, 45, was named the new CEO of the social media giant early on Monday, after serving as the company’s chief technology officer since 2017.
Dorsey, 45, was the CEO of the social media giant when it was first founded in 2006, and oversaw its startup. He returned to the top job in 2015.
He has since faced criticism from top Republican lawmakers for stifling free speech on Twitter and banning former President Donald Trump from the social media site. There have also been calls for tighter legislation on what can be posted on social media sites, with some claiming the site spreads misinformation.
Many Republicans have celebrated his exit. Colorado Rep. Lauren Boebert tweeted: ‘Jack Dorsey is rumored to be stepping down as Twitter CEO. Great. He’s been a disaster,’ she tweeted.
‘Hopefully someone who believes in free speech and our Constitution will take the reins and reinstate the tons of Americans unfairly banned.’
Jason Miller, CEO of GETTR, the free speech social media platform which fights cancel culture, said: ‘Dorsey’s strangling of free expression is why GETTR needs to exist, and for that I suppose we should all be grateful. Without the crushing oppression and virtue signaling of the Big Tech oligarchs, millions of people from around the world wouldn’t be searching for a new social media home. Unlike Dorsey, GETTR is here to stay, and we will always protect the rights of people to speak their minds.’
There have been concerns about his time being divided between Twitter and payments company Square Inc., both multimillion dollar companies. He will remain CEO of that company.
During his tenure at Twitter, revenue for the social media giant has grown sluggishly, with the New York Times reporting that a stock in the company is now worth roughly the same as it was a year ago.
As the new CEO, Agrawal will now have incredibly tough targets to meet, after Twitter announced earlier this year it aims to double its annual revenue by 2023 and 315 million monetizable daily active users.
Dorsey first became the CEO of Twitter when it was founded in 2006. In an email to employees posted to his Twitter on Monday, he said he wanted the company to move beyond its founders
Dorsey announced his resignation with a screengrab of an email he sent to employees
Dorsey was previously pushed out of his leadership position in the company in 2008 amid claims he kept leaving work early to enjoy other pursuits like yoga and fashion design, and chose improvements to the site over revenue.
In March 2011, Dorsey was named executive chairman, and when new CEO Dick Costolo announced his resignation in June 2015, Dorsey returned.
He will now remain on Twitter’s board of directors through his current term, which runs through 2022, but will step aside as chairman, with current board member Bret Taylor set to assume those responsibilities. Once his term ends, Dorsey told staff, he will leave the company entirely.
His departure comes after a major bust up between Dorsey and Elliott Management last year, a hedge fund run by Paul Singer which has a substantial stake in Twitter, which ended in the hedge fund trying to replace him as CEO.
After news of his departure broke, shares of Twitter rose 11 percent, but fell 6 percent after he announced his departure, to 5 percent above trading yesterday. By the afternoon, shares were down down nearly one percentage point
Twitter has lagged behind its competitors in the stock market for the past three years
While Dorsey managed to hold onto his role, the hedge fund was able to force Twitter to make multiple changes to its corporate structure. It was announced at the time that a board committee would be formed to ‘evaluate the CEO succession plan,’ according to The Verge.
In a statement after the announcement, Elliot Management managing partner Jesse Cohn and senior portfolio manager Marc Steinberg said: ‘Twitter is now executing against an ambitious multi-year plan to dramatically increase the company’s reach and value, and we look forward to the next chapter of Twitter’s story.’
‘Having gotten to know both incoming Chairman Bret Taylor and incoming CEO Parag Agrawal, we are confident that they are the right leaders for Twitter at this pivotal moment for the company.’
After CNBC broke the news of Dorsey’s imminent departure, Twitter’s share price soared by 11 percent, while those of Square Inc, which Dorsey also serves as the CEO of, were up 3 percent.
By 10am, NASDAQ had announced it would halt trading on the social media giant, but it soon resumed after Dorsey’s announcement, dropping six percent to be up only 5 percent from the day before.
By the afternoon, shares of the social media giant dipped nearly 1 percent.
On Sunday, Dorsey tweeted: ‘I love Twitter.’
On Sunday, Dorsey tweeted that he loves Twitter
Bret Taylor, the president and chief operating officer at Salesforce, was named the new chair of Twitter’s board on Monday
In the email to company employees, Dorsey denied that he was pushed out of the company.
He wrote: ‘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.
‘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,’ he noted, citing Agrawal’s agreement to become CEO and Bret Taylor agreeing to become the board chair as a reason he decided to step down now.
‘The board ran a rigorous process considering all options and unanimously appointed Parag,’ Dorsey wrote of Agrawal. ‘He’s been my choice for some time given how deeply he understands the company and its needs.
‘He’s curious, probing, rational, creative, demanding, self-aware and humble,’ Dorsey continued. ‘He leads with heart and soul and is someone I learn from daily.
‘My trust in him as our CEO is bone deep.’
Dorsey also noted to his employees: ‘I want you all to know this was my decision and I own it. It was a tough one for me, of course. I love this company and all of you so much. I’m really sad… yet really happy.
‘There aren’t many companies that get to this level,’ Dorsey continued. ‘And there aren’t many founders that choose their company over ego.
‘I know we’ll prove this was the right move.’
HOW THE FORMER TWITTER CEO REVEALED HE MEDITATES FOR HOURS, ONLY EATS ONCE A DAY, FASTS ON WEEKENDS AND WALKS FIVE MILES TO WORK
In 2019, Dorsey revealed he manages stress through a strict diet and exercise regimen as well as quirky lifestyle habits like hours of meditation each day.
He said his only daily meal is dinner, but he won’t eat at all on weekends.
He also claims to have ditched warm showers altogether and walks the distance between his home and the social media HQ in an effort to make sure his mind stays sharp.
Dorsey claims the routine makes his days feel longer and says he’s able to switch off to get ample sleep every night.
The tech boss shared details of his bizarre health regime in a March 15, 2019, podcast with Ben Greenfield Fitness.
He meditates daily and has been on retreats where he meditated from 4.30am to 9pm. Dorsey is pictured at a retreat
Dorsey previously posted online about dealing with stress through Vipassana meditation and even went to Myanmar in 2018 for a ‘retreat’ where there’s no reading, writing, or devices allowed
But Dorsey doesn’t eat at all for two days of the week as part of intermittent fasting. Pictured is food he posted on Twitter January 17
‘During the day, I feel so much more focused. … You have this very focused point of mind in terms of this drive,’ Dorsey said about having his only meal between 6.30pm and 9pm.
He ditches food altogether for two days of the week and reintroduces calories into his diet with bone broth to prepare for the new week.
‘I’ll go from Friday ’til Sunday. I won’t have dinner on Friday. I won’t have dinner or any meal on Saturday. And the first time I’ll eat will be Sunday evening. I’ve done that three times now where I do [an] extended fast where I’m just drinking water,’ Dorsey revealed.
‘The first time I did it, like day three, I felt like I was hallucinating. It was a weird state to be in. But as I did it the next two times, it just became so apparent to me how much of our days are centered around meals and how — the experience I had was when I was fasting for much longer, how time really slowed down.’
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.
Speaking about starting his day with ice baths Dorsey added: ‘Nothing has given me more mental confidence than being able to go straight from room temperature into the cold.’
Dorsey has posted online about dealing with stress through Vipassana meditation during a 10-day ‘retreat’ where there’s no reading, writing, or devices allowed.
In response, Agrawal also posted a screengrab of an email he sent to employees, writing: ‘Thank you Jack, I’m honored and humbled, and I’m grateful for your continued mentorship and your friendship.
‘I’m grateful for the service that you built, the culture, soul and purpose you fostered among us and for leading the company through really significant challenges.
‘I’m grateful for the trust you’ve put in me and for your continued partnership.’
Agrawal continued: ‘Team, most of all, I’m grateful for all of you, and it’s you who inspire confidence in our future together.
11 STEPS IN JACK DORSEY’S WELLNESS ROUTINE
He meditates twice a day. Dorsey aims for at least two hours in total daily.
2. Walking commute
Dorsey walks one hour and 15 minutes to the office but he works from home twice a week.
3. Short workouts
To substitute for days when he doesn’t walk to Twitter HQ, Dorsey does HIIT training and seven-minute workouts using an app. No personal trainer needed.
4. Sauna and ice baths
The social media CEO heats up in a sauna and cools down in an ice bath repeatedly for about an hour.
5. Near-infrared rays
Dorsey gets his heat from the inside out using a portable SaunaSpace tent which emits near-infrared rays. He also has a near-infrared light over his standing desk.
6. Cold showers
The Twitter co-founder begins the day with an ice bath but also never has a warm shower.
7. One meal daily
Dorsey only eats dinner and limits the time to get calories in between 6.30pm and 9pm. It keeps him alert throughout the day.
8. Weekend fasts
But he won’t consume food between Friday evening and Sunday night. He breaks the fast with bone broth.
Dorsey only has a multivitamin and a ‘lots of vitamin C’ when he has his one meal per day.
10. Sleep monitoring
The microblogging website co-founder wears an Oura Ring to keep track of his REM. He says he can nod off in under 10 minutes but his pattern can get thrown off if he consumes too much red wine at dinner.
Dorsey ends the day by noting down things to help him plan the following day of productivity. But he simply records it in his Notes app on iPhone.
‘I joined this company 10 years ago when there were fewer than 1,000 employees,’ he wrote. ‘While it was a decade ago, those days feel like yesterday to me.
‘I’ve walked in your shoes, I’ve seen the ups and downs, the challenges and obstacles, the wins and the mistakes,’ Agrawal told the employees. ‘But then and now, above all else, I see Twitter’s incredible impact, our continued progress and the exciting opportunities ahead of us.
‘Our people and our culture are unlike anything in the world.
‘There is no limit to what we can do together,’ he said, concluding by saying: ‘The world is watching us right now, even more than they have before.
‘Lots of people are going to have lots of different views and opinions about today’s news. It is because they care about Twitter and our future, and it’s a signal that the work we do here matters.
‘Let’s show the world Twitter’s full potential.’
Agrawal has been at Twitter since 2011 and served as CTO since 2017. He had been in charge of strategy involving artificial intelligence and machine learning and he led projects to make tweets in users’ timelines more relevant to them.
He is an alumnus of IIT Bombay, where he studied Computer Science and Engineering. He has also held internships at major tech companies like Microsoft, Yahoo and AT&T.
Former employees told the Wall Street Journal that Agrawal is a close friend of Dorsey’s and they have similar goals.
Bret Taylor, meanwhile, is the president and chief operating officer at Salesforce. He has served on Twitter’s board since July 2016, and previously worked as a chief technology officer at Facebook and a Group Project manager at Google, where he co-created Google Maps, according to his LinkedIn.
Following the announcement on Monday, Taylor tweeted his congratulations to Agrawal and thanked Dorsey for his leadership.
‘I’m honored to be the next chair of Twitter’s board,’ he wrote, adding: ‘Today is an exciting day for Twitter and all of our stakeholders.’
The news of Dorsey’s departure comes after years of the social media mogul facing scrutiny for his apparent censorship of conservative voices, with some accusing him of bias.
In January, following the unrest at the Capitol, the company announced it had permanently suspended former President Donald Trump citing ‘the risk of further incitement of violence.’
He later defended the decision in a series of tweets, writing: ‘I do not celebrate or feel pride’ in the ban.
He added, ‘I believe this was the right decision for Twitter. We faced an extraordinary and untenable circumstance, forcing us to focus all of our actions on public safety.’
‘Offline harm as a result of online speech is demonstrably real, and what drives our policy and enforcement above all,’ he continued.
‘Having to take these actions fragment the public conversation. They divide us. They limit the potential for clarification, redemption, and learning. And sets a precedent I feel is dangerous: the power an individual or corporation has over a part of the global public conversation,’ Dorsey wrote.
The company also faced criticism after Twitter stopped users from linking to stories alleging Joe Biden may be corrupt ahead of the 2020 election.
The row exploded after the New York Post reported that Hunter Biden allegedly offered to introduce his Ukrainian business partners to his father, who was vice-president at the time, in exchange for cash.
The report was based on an email recovered from an abandoned laptop that had been turned over to Donald Trump’s Republican allies.
But, despite appearing in a respected newspaper, the social-media giants blocked users from spreading the story, with Facebook saying it had to be fact-checked and Twitter saying it violated its rules on using hacked material.
The Twitter accounts of the newspaper, of the official Trump campaign and of White House press secretary Kayleigh McEnany were even temporarily banned from posting anything at all because of the furor.
Parag Agrawal, the new CEO, tweeted his gratitude to Dorsey following the announcement
He also shared a screengrab of an email he sent to employees, outlining his future of the company
Bret Taylor also tweeted that he is honored to be the next chair of Twitter’s board
In the aftermath, McEnany accused the social media giant of bias and censorship for only banning content that ‘hurts the side of the aisle that Silicon Valley prefers’.
Speaking with Sean Hannity on Fox News, McEnany accused the media giant of allowing articles that accused Trump of collusion with Russia to be posted on its site, despite the president being cleared during his impeachment trial earlier this year.
She also revealed that the lock on the account would be permanent unless she deletes the tweets, describing herself as being ‘held at gunpoint’ by the platform.
‘This was a news story about emails and even the Biden campaign does not dispute the authenticity of the emails. They had a chance today and they didn’t,’ she said, knocking Twitter CEO Jack Dorsey’s claim that the Biden story had been restricted because personal information was published.
‘Meanwhile, you have the story about President Trump in The Atlantic where you had more than 20 sources on the record disputing the content of the email.
‘You have death to Israel that is permitted on Twitter but not an email which is reported by … the New York Post, a credible outlet, you are not allowed to share that information.
‘Make no mistake, if they can ban the press secretary of the United States for President Trump, they can ban any American citizen and that is pathetic,’ McEnany added.
‘We have to hold Twitter accountable, and Facebook too, it was banning the transmission of the story simply because ideologically, it hurts the side of the aisle that Silicon Valley prefers. It’s sad, it’s censorship. This is not America.’
Afterwards, Dorsey was forced to apologize, describing the decision to block links to the story as ‘unacceptable’.
White House Press Secretary Kayleigh McEnany hit out at Twitter during an interview with Fox after they locked her personal account over a tweet referencing a story about Joe Biden ‘s dealings with his son Hunter’s business associates in the Ukraine
Dorsey has also faced criticism for apparently allowing misinformation to spread on the social media site – particularly about the COVID vaccine and the January 6 attack on the Capitol.
Over the spring, he testified in front of the House Energy and Commerce Committee alongside Facebook CEO Mark Zuckerberg and Google’s Sundar Pichai to defend his company.
‘Every day, millions of people around the world tweet hundreds of millions of tweets with one set of rules that applies to everyone and every tweet,’ Dorsey said at the time. ‘We strive to implement policies impartially at scale.
‘We build our policies primarily around the promotion and protection of three fundamental human rights – freedom of expression, safety and privacy,’ he explained to Congress. ‘At times, these rights can conflict with one another.
‘As we develop, implement and enforce our policies, we must balance these rights.
‘Additionally, our policies must be adaptable to changes in behavior and evolving circumstances,’ he said. ‘That is why we must be transparent, embrace procedural fairness and choice, and protect privacy.’
Dorsey is seen testifying remotely to a Senate Judiciary Committee about censorship last year
Conservatives now fear Agrawal may crack down on conservative voices even more.
He previously headed Twitter’s BlueSky project, a part of which included addressing algorithms and misinformation on the social media site, which conservative news outlet Town Hall claims was weaponized to prevent certain stories and narratives from gaining traction.
Jason Miller, CEO of conservative social media platform GETTR, also tweeted Monday that Agrawal may be a bigger threat to ‘free speech’ than his predecessor.
He wrote in a statement: ‘For years, Jack Dorsey has been the master of multitasking: censoring opinions he doesn’t like, canceling users, silencing one of America’s oldest newspapers, and unfairly influencing a presidential election.
‘Dorsey’s strangling of free expression is why GETTR needs to exist, and for that I suppose we should all be grateful.’
And Neil Campling, a global analyst at Mirabaud Equity Research, said in a statement to DailyMail.com the announcement seems like the company ‘appeared to lose direction, struggling to monetize their network and were under pressure from activist Elliott,’ referring to the hedge fund run by Paul Singer.
‘The initial reaction, stock +10%, reflects that Jack had probably run his course and it was time for change,’ Campling said. ‘The fact that the stock reversed all the gains to trade lower is likely reflective of disappointment over who is now the CEO.
‘It is the Chief Technology Officer, so it’s not an external hire which many wanted,’ Campling said. ‘Instead, it is someone who was in charge of the very process that was becoming antiquated and outdated. Not a good look.’
Dorsey the crypto king? He was an aspiring fashion designer and dropped out of NYU before co-founding Twitter worth $11B – now Jack Dorsey has set his sights on a bitcoin mining business
Decades before Jack Dorsey became a titan of the technology industry with not one but two CEO titles to his name and an eye-popping $12billion net worth, he was a young man from St Louis who dabbled in modeling and aspired to become a fashion designer, or a massage therapist.
Now that Dorsey, 45, resigned as Twitter‘s chief executive officer, the bearded billionaire with a penchant for nose rings, tie-dye shirts, long walks and fasting will have plenty of time to pursue his new passion: bitcoin-mining.
Dorsey still remains the CEO of Square Inc, the hugely successful financial payments company that he co-founded in 2010.
In recent years, Dorsey has been using his considerable public platform to proselytize about the merits of cryptocurrency, particularly bitcoin.
Next chapter: Twitter CEO Jack Dorsey resigned on Monday after 16 years with the company he co-founded. He is currently working on a new bitcoin-mining venture
Dorsey got his start as a model before turning his attention to computer programming. He dropped out of NYU a month shy of graduating
In July, he announced that Square was launching a new bitcoin-based venture ‘with the sole goal of making it easy to create non-custodial, permission-less and decentralized financial services,’ he tweeted at the time to his 5.9million followers.
Square announced back in February that bitcoin makes up five per cent of its holdings.
Square, which is headquartered in San Francisco, has three business lines: Cash App, Square Seller products and the music-streaming service Tidal, which it acquired from Dorsey’s friend Jay-Z in April.
Square’s newest project, known as tbDEX, revolves around the idea of helping people seamlessly convert fiat currency – government-issued currency that is not backed by a commodity such as gold or silver – into bitcoin without having to go through multiple platforms.
‘We propose a solution that does not rely on a federation to control permission or access to the network; nor does it dictate the level of trust required between counterparties,’ the company wrote in a statement issued last week.
Square’s new bitcoin venture seeks to ‘build bridges between the fiat and cryptocurrency worlds,’ reported The Indian Express.
Speaking at the Bitcoin 2021 Convention, Dorsey said he hopes bitcoin can help bring about ‘world peace.’
In April, the billionaire entrepreneur announced the creation of a new charity fund, Star Small LLC, to help in the fight against the coronavirus pandemic. Dorsey said he would inject $1billion of his personal Square Inc equity into the charity, or about a third of his total fortune.
Some of the top beneficiaries of Dorsey’s largesse so far have included non-profit organizations founded or championed by a host of A-listers, including Beyonce and Jay-Z, Rihanna, Sean Penn, John Legend, Matt Damon and Bradley Cooper, as Bloomberg reported.
For example, the charity CORE, which was founded by Penn, who is friends with Dorsey, received a $30million gift from the tech tycoon last year, while Rihanna’s organization got a $20million capital injection.
Dorsey’s open-handed approach to philanthropy has done nothing to diminish his lavish lifestyle.
The tech guru’s impressive real estate portfolio reportedly includes a spectacular $21million cliffside mansion and a ore humble $10million home, which are located next door to each other in the tony Sea Cliff section of San Francisco.
Dorsey’s newest property, which he spent hundreds of thousands of dollars renovating in 2019, features five bedrooms and three bathrooms.
Although Dorsey is one of the wealthiest men in the world, occupying the 173rd spot on Forbes’ 2021 list of billionaires, he has revealed himself as surprisingly ascetic and disciplined.
Dorsey previously said that he eats only one meal a day – dinner – and fasts on weekends.
‘The first time I did it, like day three, I felt like I was hallucinating,’ Dorsey said during a March 2019 interview on the podcast Ben Greenfield Fitness. ‘It was a weird state to be in. But as I did it the next two times, it just became so apparent to me how much of our days are centered around meals and how – the experience I had was when I was fasting for much longer, how time really slowed down.’
Dorsey’s extreme self-care routine also includes ice baths to stay focused, 5 mile walks to work, and meditation sessions to help manage his stress levels.
Dorsey is not married and has no children. He has mostly managed to keep his personal life under wraps, although in recent years he has been romantically linked to models Raven Lyn Corneil and Flora Carter.
In 2019, it was reported that Dorsey was selling a $4.5million Hollywood Hills mansion that he had bought for Corneil, a 24-year-old Sports Illustrated model, less than a month after the pair broke up.
Dorsey was born and raised in St Louis in a Catholic family, the son of a Midwestern businessman working for a company selling scientific instruments and a homemaker.
In his youth, Dorsey dabbled in vintage clothing modeling and created dispatch routing software used by taxi companies before enrolling in University of Missouri-Rolla. After more than two years, he transferred to New York University, but dropped out just one semester shy of graduating in 1997.
Dorsey conceived of the idea that would later turn into Twitter while still at NYU.
He moved to California to pursue a career as a programmer and launched his own company providing web-based dispatch services in 2000.
Around that time, Dorsey began exploring the idea of sending instant messages in real time to a small group of people, and approached a podcasting company called Odeo, where he met his future Twitter co-founders, Biz Stone and Evan Williams.
Dorsey and Stone build a prototype of Twitter in about two weeks, and the new service drew many users at Odeo before the company folded.
Twitter, initially known as twttr, was launched on March 21, 2006. Dorsey’s first-ever tweet simply read: just setting up my twttr,’
Seven months later, the fledgling social media company’s co-founders purchased the domain name twitter.com for $7,000.
Dorsey took the reins of the company as CEO but continued pursuing his other passions, including fashion design and yoga, reported CNBC.
Dorsey was born and raised in St Louis, Missouri, the son of a businessman and a homemaker
In his youth, Dorsey dabbled in fashion modeling. He is pictured in a Diesel print campaign
Dorsey (far right) co-founded Twitter in 2006 after meeting his partners at the podcasting company Odeo
On March 21, 2006, Dorsey sent out his very first tweet, which read: ‘just setting up my twttr’
Dorsey, pictured with partners (L-R) Evan Williams and Biz Stone, was ousted as Twitter CEO in 2008
Dorsey returned at CEO in 2015. He is pictured above testifying remotely during a Senate Judiciary Committee hearing titled, ‘Breaking the News: Censorship, Suppression, and the 2020 Election’ on Capitol Hill on November 17, 2020
In his 2013 book Hatching Twitter: A True Story of Money, Power, Friendship, and Betrayal, author Nick Bilton quoted Dorsey as telling his business partner Noah Glass: ‘I’m going to quit tech and become a fashion designer.’
Dorsey would leave work at 6pm to take fashion design classes at Apparel Arts, a design school in San Francisco. His other hobbies included drawing and hot yoga.
At one point, Twitter co-founder Williams took Dorsey aside and warned him: ‘You can either be a dressmaker or the CEO of Twitter. But you can’t be both,’ according to Bilton’s book.
Twitter went through a period of robust growth during its early years, but as its expansion slowed the San Francisco company began tweaking its format in a bid to make it easier and more engaging to use.
In 2008, Dorsey was replaced by Williams as CEO but stayed on with the company as chairman of the board. He returned to the role of CEO in 2015 after Dick Costolo resigned.
In 2020, Dorsey came close to being ousted a second time by Elliot Management, an activist investor, amid concerns he had spread himself too thin by running both Twitter and Square, and announcing a temporary move to Africa.
Dorsey was able to hang onto the top leadership position by offering Elliot and another investment company, Silver Lake, a seat on Twitter’s board.
In 2012, Dorsey snapped up this cliffside home in the Sea Cliff section of San Francisco for $10million
In 2018, Dorsey expended his real estate portfolio by purchasing a home next door to his residence for $21million to create a compound
In his goodbye letter addressed to Twitter employees on Monday, Dorsey said he has ‘worked hard to ensure this company can break away from its founding and founders’ and that to focus too much on whether companies are led by their founders is ‘severely limiting.’
Dorsey wrote that he also will be leaving the company’s board around May 2022, saying that he wants to ‘give space’ to new CEO Parag Agrawal to lead.
Agrawal holds a PhD in computer science from Stanford University and a bachelor’s degree in computer science and engineering from the Indian Institute of Technology in Bombay. He joined Twitter in 2011 as an engineer and has been chief technology officer since 2017.
‘I’m really sad… yet really happy,’ Dorsey wrote in the note addressed to his ‘team.’ ‘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.’