Former Twitter Chief Executive Officer Jack Dorsey has stepped down from the Twitter board of directors. His exit from the Twitter board marks his complete exit from the company. The announcement came on May 25, 2022 when Twitter held its annual shareholder meeting.
Jack Dorsey had planned to leave the Twitter board as well since he had stepped down as CEO in November 2021. However, at that time the company had noted that he will remain a part of the Twitter board until his term expires during the annual shareholder meeting 2022.
This puts an end to all speculations that he may return as Twitter CEO. It comes amid Twitter's USD 44 billion takeover deal with Elon Musk, which is currently on hold due to various reasons.
Jack Dorsey to exit Twitter completely
Jack Dorsey, co-founder of Twitter had announced his decision to step down from the position in November 2021. He said in an email to his employees, "After almost 16 years of having a role at our company… from co-founder to CEO to Chair to Executive Chair to interim CEO to CEO… I decided it’s finally time for me to leave."
Dorsey had taken over as the Twitter CEO in 2005. Indian-origin Parag Agarwal, an IIT Bombay Alumni, was named the new Chief Executive Officer of Twitter after Dorsey's resignation. He had joined Twitter 11 years ago and was serving as the Chief Technology Officer when he was elevated as the CEO.
Parag, a Computer Science Graduate from IIT Bombay, joined the elite league of Indian-origin Silicon Valley CEOs namely with Google CEO Sundar Pichai and Microsoft CEO Satya Nadella.
What happened to Elon Musk's deal with Twitter?
Elon Musk tweeted on May 13 informing his $44 billion deal to acquire Twitter has been temporarily put on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users. Musk claims that the number of spam and fake accounts on Twitter is closer to 20 percent.
Musk has now submitted a revised plan to the Securities and Exchange Commission to complete the Twitter takeover deal. The move led Twitter shares to witness a jump of 3.9 percent on May 25 after being under pressure since the deal was put on hold.
In his revised plan, Musk plans to take less loan from banks to repay the money of Twitter's deal. He is expected to raise the required amount by allotting some shares of Twitter to other investors.
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