Jack Dorsey Steps Down as C.E.O. of Twitter – World News

Jack Dorsey Steps Down as C.E.O. of Twitter

Some employees rallied around Mr Dorsey during an attempt to kick him out, using the hashtag #WeBackJack as a rallying cry.

Credit…Jim Wilson/The New York Times

In March 2020, Elliott Management inks an agreement with Silver Lake, one of Silicon Valley’s biggest investors in technology companies, which allowed Mr Dorsey to remain on Twitter. The deal also gave Elliott executive Jesse Cohn, who oversaw the Twitter campaign, a seat on Twitter’s board. Mr. Con joined a five member committee Which led to a review of Twitter’s CEO succession plan.

Last November, that committee completed its review, saying it “updated the CEO succession plan in line with best practices,” according to a regulatory filing, laying down a path for the transition. Twitter’s stock began to climb, and in February Mr. Dorsey announced ambitious plans to double Twitter’s revenue by the end of 2023. the company also accelerated the pace of your productRelease of new features like audio chat, newsletters and tipping.

Mr Cohn resigned from Twitter’s board in June.

“Our collaboration with Jack and Company over the past two years has been productive and effective,” Mr. Cohn and Mark Steinberg, a senior portfolio manager at Elliott, said in a joint statement. He also praised Mr. Agarwal and Brett Taylor, the chairman of Salesforce and Twitter’s incoming board chairman, saying: “We believe they are the right leaders for Twitter at this critical moment for the company.”

But some of Twitter’s stock market gains have waned in recent months, with shares now priced roughly the same as a year ago. Twitter said its revenue grew 37 percent in the third quarter from a year ago, $1.28 billion, but it suffered a loss of $537 million.

Some legislators have demanded that Twitter do more to address misinformation and hate speech on the platform, while others have accused Mr Dorsey of censorship and argued that Twitter needs more content to stay online. should allow.

Moderation issues have been a constant nuisance for Mr Dorsey. He saw Twitter as a platform for free speech and particularly emphasized the idea of ​​removing content from world leaders and other newsworthy figures.

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