Twitter’s Jack Dorsey is going to step down from his executive position at the social media corporation.
Twitter chief executive and co-founder is also responsible for his own Square, a digital payments company. Over the weeks, Jack Dorsey has faced pressure from Twitter stakeholders Elliott Management and investor Paul Singer who insist he should step down. While Twitter hasn’t yet commented on the news, its shares rose 11% after the news broke, The Guardian says.
In his Sunday post, Dorsey wrote: “I love Twitter.” Actually, the 45-year-old has posted the first tweet on the planet in 2006: “Just setting up my twttr.”
Dorsey founded his own company Square in 2009 after being pushed out of the top job at Twitter before returning as CEO of the social media company in 2015.
Now, investors doubt Dorsey’s management style and even worry that he is stretched too thin by his roles at both Twitter and Square. In 2019, he announced plans to relocate to Africa for six months, a move that worried both staff and investors. He scrapped the plan after the pandemic hit.
Dorsey also set off a political firestorm following Twitter’s decision to ban President Trump from the social platform. He later defended the move as the right step but said it also highlighted “a failure of ours, ultimately, to promote healthy conversation.”