https://www.dailymail.co.uk/news/article-10254497/Jack-Dorsey-set-step-CEO-Twitter.html
‘I want you to all know that this was my decision’: Jack Dorsey posts Twitter resignation letter and names CTO Parag Agrawal as his new successor: Shares JUMP five per cent
Dorsey, 45, was the CEO of Twitter since it was first founded in 2006
He was previously removed from his position for reportedly leaving work early to enjoy other pursuits like yoga and fashion design
The move comes after a major bust up between Dorsey and Elliott Management, a hedge fund run by Paul Singer which has a substantial stake in Twitter
It resulted in the hedge fund trying to replace him as CEO
While Dorsey managed to hold onto his role, the hedge fund was able to force Twitter to make multiple changes to its corporate structure
Dorsey has also long faced criticism about his ability to run both Twitter and Square, arguing that he should not be juggling both firms as CEO
In fact, when the news leaked of Dorsey’s imminent departure, Twitter’s share price soared by 11 percent
Trading on the social media giant were suspended by 10am
And at 12:25 Twitter is now down 1.22%. :)