Jack Dorsey, the CEO of Twitter Inc (NYSE: TWTR), has announced that he will be stepping down from his position in the company. Parag Agrawal, Twitter’s CTO, will replace him. Dorsey will remain on the board for six months to help the company transition quickly, while Agrawal will join the board.
Dorsey has stated that he trusts Agrawal will do a good job leading the company. Moreover, he has emphasized that leaving Twitter is his own decision and that it is time for the company to grow without its founder.
This instance is not the first time Dorsey has stepped down from his position as CEO. In 2008, board members removed him from his seat. He became the CEO again in 2015 after Dick Costolo stepped down.
Elliot Management asked Dorsey to step down
An activist investment firm, Elliot Management, previously asked Dorsey to step down as the company’s CEO. The firm claimed that Dorsey couldn’t lead both Twitter and Square Inc (NYSE: SQ), both high-profile companies. They reached an agreement that would allow Dorsey to remain the CEO. The deal consisted of a $2 billion in stock buyback.
Meanwhile, Russia’s State Communications regulator has stated that the country will not stop the slow down of Twitter on mobile devices until the company deletes all content that it considers illegal.
Russia will continue with Twitter slow-down
Roskomnadzor, a Russian official, has pointed out that Twitter has failed to acknowledge the requests to take down unlawful content since 2015. However, since it has fined Twitter $511,900 this year, it has taken down 90% of the posts. Roskomnadzor has said that Russia will continue to slow down Twitter until it deletes the remaining 761 posts.
Russia has been taking measures to regulate big tech. So far, it has imposed small fines and forced foreign companies to appoint an official Russian representative. The country claims that Twitter hosts videos that encourage minors to commit suicide, information on drug abuse, and child pornography. Twitter has denied this, stating that it does not allow such content.
Twitter users have expressed their excitement after Jill Biden revealed her Whitehouse Christmas decorations. Many see it as an improvement over Melanie Trump’s less cheery decorations.
Other Twitter users are excited about the recent match between the Golden State Warriors and the Clippers.
