Twitter CEO shakeup as Dorsey quits

Speaker 1: Jack Dorsey is stepping down as CEO of Twitter Speaker 1: Dorsey a co-founder of Twitter, posted an explanation for this move on Twitter. The tweet reads not sure anyone has heard, but I resigned from Twitter. There's also a screenshot of an email Dorsey sent to the company with a lot more details. Dorsey says there are three reasons why now is the time to leave Twitter. First up, he lists that PIAG Agrawal is the new CEO Dorsey says auger wall is Dorsey's [00:00:30] choice for some time. And Dorsey's trust in auger. Wall is bone deep auger wall has been with the company for over 10 years, serving as CTO for a little over the past four. Secondly, bro Taylor will become the new board chair. Taylor was already a board member at Twitter and is also the president and COO of Salesforce. The third reason Dorsey states is quote, all of you. He explains that quote, all of you have the potential to change the course of this company for the better. Speaker 1: I believe this from all my heart [00:01:00] Dorsey says that the decision to leave Twitter was his own. He says he is choosing the company over his own ego Dorsey. Thanks. The Twitter team tells them he loves them all and even wrote a little PS. He tells everyone he's tweeting this email and he says, quote, my one wish for Twitter, Inc is to be the most transparent company in the world. Hi mom, Jack Dorsey is a co-founder of Twitter along with, with Evan Williams in 2007, Dorsey became Twitter CEO in October of 2008. Dorsey was removed as Twitter CEO with Evan [00:01:30] Williams, replacing him two years later, Williams was removed as CEO and Dick Costello moved from CEO to CEO in June of 2015. Costello stepped down with Dorsey returning to be the interim CEO Dorsey was named CEO later that year, these past few years, we've seen a lot of Jack Dorsey answering questions from Congress. The us government has held hearings trying to determine the impact of social media on elections. Dorsey seemed pretty calm under pressure. Here's a clip [00:02:00] of Dorsey speaking to Senator Ted Cruz in October of 2020, Speaker 2: Mr. Dorsey, who the hell elected you and put you in charge of what the media are allowed to report and what the American people are allowed to hear. And why do you persist in behaving as a democratic superPAC silencing views to the contrary of your political. Speaker 3: We're not doing that. Uh, and this is why I opened, um, this hearing with calls for more transparency, [00:02:30] we realize we need to earn trust more. We realize that more accountability is needed to show our intentions and to show the outcomes. Thank you so much. So I, I hear the concerns and acknowledge them, but we wanna, we wanna fix it with more transparency. Speaker 1: So what does this mean for Twitter? The new Twitter CEO prag, AALL shared a note. He sent to the Twitter team in it. He says we recently updated our strategy to hit ambitious goals. And I believe that strategy to be bold and right, but our critical challenge is how we work [00:03:00] to execute against it and deliver results. That's how we'll make Twitter the best it can be for our customers, shareholders. And for each of you in the recent past, the company has been testing new ways to create revenue, including the introduction of Twitter blue, a paid subscription service, Twitter blue gives its members. The ability to undo tweets, create bookmark folders and access experimental features like longer video uploads, C nets. Ian sure says this change means more uncertainty for the company. He says, historically, Twitter's [00:03:30] always been somewhat of a messy company with tons of questions about how it manages bad behavior slash content Twitter's treatment of developers has not always Ben smooth as for Jack Dorsey. He will remain on the Twitter board until around May, 2022. He says he will not be the new chair because he thinks it's important to give the new CEO the space he needs to lead. Jack Dorsey is still the CEO of square, the payment company. He also founded I'm IA, Zach Arnold CEO online.