Jack Dorsey, Twitter Inc Chief Executive Officer, is going to get retirement from his role, a person well-known with the matter informed Reuters. According to the source, the board of the tech giant has been making preparations for Dorsey’s departure since last year.
Moreover, the news comes as Twitter has sped up the pace of its product creation over the previous year to contend with social media competitors including Facebook Inc and TikTok and achieve its objective of doubling annual profit by 2023. However, Twitter was not accessible for comment at once.
Twitter’s shares surged 9% in initial trading, although those of digital payments organization Square Inc, Dorsey is further chief executive, surged 3%. Trading in the shares was afterward postponed before an anticipated announcement.
Dorsey posted a tweet on Nov. 28, in which he wrote,
“I love Twitter”.
I love twitter
— jack⚡️ (@jack) November 28, 2021
The “likes” on that tweet increased to above 54,000 on Monday. And Dorsey’s move was first reported by CNBC.
Dorsey encountered calls from Elliott Management Corp to resign in early 2020 once the hedge fund claimed that he was paying not enough focus on Twitter on the other hand additionally running payments processing organization Square Inc. Dorsey pushed back the pressure by offering Elliott and its ally, buyout organization Silver Lake Partners, seats on Twitter’s board.