Jack Dorsey has confirmed that he will be resigning as Twitter's chief executive after a share price spike followed reports of the move.
Posting on the platform he said that it was "finally time for me to leave", explaining in a statement from Twitter itself that it was "because I believe the company is ready to move on from its founders".
Parag Agrawal, the former chief technology officer, has been announced as the new CEO and a member of the board with immediate effect, and said he was "honoured and humbled" by the appointment.
Shares in the social media platform rose 9% on market opening on Monday morning following a report by CNBC that Mr Dorsey, 45, who co-founded Twitter in 2006, was to leave his role.
Trading was halted on the New York Stock Exchange after the spike, but shares resumed trading with a gain of more than 4.5% ahead of where they opened.
45-year-ld Dorsey, who founded the social media giant, served as CEO until 2008 before being pushed out of the role. He returned to Twitter as boss in 2015 after former CEO Dick Costolo stepped down.
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Endy Edeson
Maestro Kgb
How? I only localised the news. When Buhari banned Twitter , its stock dropped, though other factors played in the drop.
In October Twitter shares closed down more than 10% after the company reported disappointing user growth
Though, the stock performed better today.
So, kindly give me reasons for your comment
How? I only localised the news. When Buhari banned Twitter , its stock dropped, though other factors played in the drop.
In October Twitter shares closed down more than 10% after the company reported disappointing user growth
Though, the stock performed better today.
So, kindly give me reasons for your comment
Endy Edeson
Progress Baadom Thanks brother. Good evening 👍
Oluwatobi Joel Adegoke
So this is not his first time
