Jack Dorsey, who co-founded the popular Twitter social media site back in 2006, is stepping down as CEO of the company effective immediately. Replacing Dorsey will be Twitter chief technology officer Parag Agrawal.
In a statement, Dorsey said, “I’ve decided to leave Twitter because I believe the company is ready to move on from its founders. 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.”
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The controversial social media site hopes to at least double its annual revenue by the end of 2023 while reporting 315 million monetizable daily active users by the end of that year. But these are goals that now are up to Mr. Agrawal to reach.
Dorsey, as you might expect, took to his @jack Twitter page to confirm the news and to leave a long message to his followers. In it, Dorsey writes, “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.”