Jack Dorsey steps down as CEO of Twitter

Jack Dorsey stepped down as head of Twitter, a company he founded with like-minded people in 2006.

Jack Dorseywas replaced by the former technical director of Parag Agrawal.

Agrawal started his career at Twitter more than a decade ago as a simple engineer, and in 2017 he became its chief technology officer. 

Dorsey's departure is a critical leadership change for the company, and his name was closely associated with Twitter.Dorsey has become a celebrity outside of Silicon Valley and has been quoted and parodied on shows and social media.

Dorsey confirmed his departure and noted:

I worked hard so that this company couldseparate from its founders and exist independently, regardless of their influence. Not all companies make it to this level. And not many founders choose a company over their own egos.

Dorsey's leadership has been questioned byfrom the investment company Elliott Management, which bought the social network’s stake last year. Elliott accused  Dorsey of dividing attention between Twitter and Square. 

Twitter revenue grew 37 percent in the third quarter from the previous year to $ 1.28 billion.

Dorsey, who will remain on the board of directorsTwitter prior to his next election in 2022 emphasized that he himself made the decision to leave. He recently discussed his desire to leave Twitter and focus on cryptocurrency and charity projects.

In recent years, Dorsey has become increasingly interested in cryptocurrencies and decentralization technologies. 

Much of Dorsey's fortune comes fromSquare, which he has co-founded since 2009. He announced last year that he would donate $ 1 billion, or nearly a third of his fortune at the time, to coronavirus-related relief programs and other charitable initiatives. He also committed $ 15 million to income-guaranteed projects that enable cities to provide financial support to residents in need. Forbes estimates Mr. Dorsey's net worth at over $ 11 billion.

Twitter shares jumped 10% following news of Dorsey's departure. 

On Sunday night, perhaps in anticipation of the news to come, Dorsey wrote, "I love Twitter."

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