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Jack Dorsey to resign as CEO of Twitter

Twitter CEO and Co-Founder Jack Dorsey, will leave his position as CEO of the social network, said the financial information chain CNBC.

Since his return to the helm of the company in October 2015, the out-of-the-box entrepreneur has been criticized for not having left the command of his other company, the digital payments company Square, to focus solely on the microblogging social network.

The market reacted favorably on Monday to the information, not yet confirmed by the company, and Twitter rose shortly after the opening of Wall Street.

Millionaire since 2013 after Twitter’s IPO, Jack Dorsey has an estimated fortune of $ 11.8 billion by the magazine site Forbes.

His first stage at the helm of Twitter as CEO was in 2007 and 2008, but he was removed from the post by the board of directors, dissatisfied with his management.

What is known about Jack Dorsey’s resignation from Twitter

With a relaxed style, his first stage at the helm of Twitter as CEO was from 2007 to 2008; then returned in 2015. Photo: Reuters

It is unclear who will succeed Dorsey or the timing of a possible announcement.. It is also unknown why Dorsey, 45, would take a step back.

If the news is officially confirmed, the next CEO will have to meet Twitter’s aggressive internal goals. The company said earlier this year that aims to have 315 million daily monetizable active users by the end of 2023 and at least double your annual income in that year.

Dorsey faced impeachment last year when Twitter shareholder Elliott Management tried to replace Jack Dorsey as CEO. Elliott Management founder and billionaire investor, Paul Singer, had wondered if Dorsey should run the two public companies and asked him to step down as CEO of one of them, before the investment firm reached an agreement with the company’s management.

Twitter in numbers

Last October, Twitter announced $ 403 million in losses between January and September 2021, compared to the 1,357 million dollars it lost in the same period last year, while announcing a continued increase in users, which have reached 211 million.

The company, based in San Francisco, increased its turnover by 44% and went from 2,427 million in the first 9 months of 2020 to 3,510 million in the same period of the current year, which in turn explains the cut registered in losses.

Twitter has 211 million daily active users.  Photo: Reuters

Twitter has 211 million daily active users. Photo: Reuters

Almost all of this income, just over 88%, comes from the sale of advertising space on the social network, while the remaining 12% earn it by selling data to third parties.

Currently, the blue bird social network has 211 million daily active users (that is, they connect at least once a day) worldwide, 13% more than in the third quarter of 2021.



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