November 28, 2022

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Twitter CEO Jack Dorsey resigns amid controversy over stock market crash

File photo. | Credit: Guide via Reuters

According to CNBC, the current executive director of Twitter, Jack Dorsey will resign from his post, according to US media reports.

Following the news, pre-market trading market indicators said that Twitter’s shares on the New York Stock Exchange have risen more than 11% so far this morning.

Dorsey is currently the CEO of Social Networking and Square, an online payment company.

Paul Singer, founder of Elliott Management, a Twitter partner, had previously questioned the current director of Twitter about running two public companies at the same time, so in 2020 he was asked to resign as CEO of one of the two companies. , An agreement was reached last year.

The controversy between Elliott Management and Dorsey took place in early 2020, when the hedge fund argued that Jack did not pay much attention to Twitter when he ran Square Inc., a payment processing company.

Faced with the resignation and pressure from the company, Dorsey defended himself by offering positions on the Twitter team to Elliott and his partner acquisition, Silver Lake Partners.

It is unknown at this time what he will do after leaving the post.

Since Twitter promised this year that it will have 315 million daily active users by 2023 and double its annual revenue, it is now known that whoever comes to take the place will face the challenges the company has already posed.

Currently, the technology company has not commented on the matter and has not responded to requests for comment.

With Reuters information

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