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Twitter (TWTR) shares dip 1% after Jack Dorsey steps down as CEO
Twitter (TWTR) traded 1% lower in New York on Monday after Jack Dorsey resigned from his position as CEO and Parag Agrawal made the step up to the top role.
Twitter (TWTR) shares surged briefly on Monday after co-founder Jack Dorsey announced the end of his six-year reign as CEO, while Parag Agrawal was confirmed as his replacement with immediate effect.
Dorsey said that Twitter was “ready to move on” from his leadership amid internal tensions about his role at the company and the desire among investors for a new chief executive with a single focus.
The 45-year-old also serves as the CEO of financial services and digital payments platform Square (SQ).
Agrawal makes the step up to the top job after more than 10 years with Twitter – he has spent the last four years serving as its chief technology officer.
Dorsey gave a ringing endorsement for Agrawal in a post on Twitter on Tuesday, noting that his trust in the new leader was “deep” and that his recent work had been “transformational”.
On stepping down, Dorsey added: “I want you to know that this was my decision and I own it.”
The latest moves could be part of Twitter’s attempts to hit ambitious internal targets of attracting 315 million monetizable daily active users within two years while driving strong revenue growth.
Agrawal will have solid foundations to build from as Twitter delivered Q3 earnings and revenue beats in October and expects to bring in as much as $1.6bn in Q4.
Twitter shares climbed 10% in premarket on rumours of Dorsey’s departure, but trading was temporarily halted during the morning after it was made official.
When shares started changing hands again, TWTR was flat before dipping into negative territory in the afternoon.
On Monday when the market closed, Twitter was down 2.74% and was selling for $45.78.
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