Business

Beyond 280 Characters: Twitter Boss Who Loved Beanie, Beard, All-Black, Says Goodbye As CEO

| Updated : November 30, 2021, 6:50 pm
Updated : November 30, 2021, 6:50 pm

Share

News title here

NEW DELHI: Jack Dorsey, the billionaire Silicon Valley coder who dabbled in facial-hair and came close to becoming a masseur and drawing pencil-skirts, before he snubbed lakhs when he boldly banned then US president Donald Trump from the micro-blogging site, has called it a day at Twitter, the company he co-founded in 2006.

Jack, who Forbes estimates to be worth $11.9 billion in 2021, in a message — it was later made public by him on his Twitter account —  addressed to his colleagues at the company wrote, “Not sure anyone has heard but I resigned from Twitter.”

“There’s a lot of talk about the importance of a company being founder-led. Ultimately I believe that’s severely limiting and a single point of failure,” he said in an attached email he sent to staff.

Jack announced a successor in the mail but added that he will exit the board when his term expires next year.


“I believe it’s really important to give Parag the space he needs to lead.”

Parag, who was appointed Monday to succeed Jack, is an Indian engineer from IIT Bombay. Twitter insiders say he’s 37, the same age as Meta Platform Inc CEO Mark Zuckerberg.

Media outlets in the West and Europe now say calls for Jack’s departure began in 2020 from Elliott management, an investment firm which owns a significant amount of Twitter’s shares.

The firm reportedly felt a need for a full-time CEO with only one company to run would be better for Twitter’s fortunes.

Jack was also running a digital payments app firm Square  he founded in 2008. This firm too had grown into a multi-billion dollar company.

Earlier this year, Jack had put up his first ever tweet for sale.

“Just setting up my twttr,” his post in March 2006 said then.

It was to be sold as non-fungible token (NFT) – a unique digital certificate that states who owns a photo, video or other form of online media.

The billionaire was also in news over his link ups to several models and women entrepreneurs. He has remained unmarried till now but several media outlets said he dated an artist Kate Greer for several years, a British model and actress Lily Cole earlier and also a US model Raven Lyn Corneil in between.


Do visit www.newindian.in for exclusive video stories from hinterlands of India.