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Twitter co-founder, Jack Dorsey has stepped down as the Chief Executive Officer of the social media company.
Jack founded the multi-billion dollar company in 2006, and has been serving as the CEO of both Twitter and digital payment platform, Square.
However, he had been under pressure to step down from one of the companies by Twitter stakeholders, Elliott Management and billionaire investor, Paul Singer.
In a new development, CNBC on Monday, November 28, reported that Dorsey had resigned as Twitter CEO, which made Twitter shares rise to 11%.
Well, the business tycoon has now confirmed the report in a tweet he posted on the micro-blogging platform moments ago.
Sharing a snapshot of the company-wide email he sent, Jack wrote, “not sure anyone has heard but, I resigned from Twitter”.
Dorsey will be replaced by Chief Technology Officer (CTO), Parag Agrawal.
The company said Dorsey would step down immediately but he would remain on the board until Twitter’s stockholder meeting in 2022.
See his tweet below,
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