Co-founder and CEO Jack Dorsey confirms departure from Twitter – update

Jack Dorsey plans to step down as CEO of Twitter. The CEO confirms this via the social medium, after American news medium CNBC previously reported on the departure. Dorsey will be succeeded by Parag Agrawal, the company’s current CTO.

Sources told CNBC that Jack Dorsey plans to step down as CEO of Twitter. That is now in a tweet confirmed by Dorsey herself. There, Dorsey writes that he has “decided it’s time to leave.” He will be succeeded from Monday by Parag Agrawal, who previously served as chief technical officer at Twitter.

Jack Dorsey is one of the founders of Twitter. He temporarily stepped down from his role as CEO in 2008, only to return in 2015. He has also been CEO of payment service Square since 2009. Dorsey says he will remain on the Twitter board until his term expires. That will happen in May 2022, after which he will leave the company completely.

In September, it was announced that Twitter was seeking a $809.5 million settlement in a shareholder lawsuit alleging Dorsey and other company executives shared misleading information with investors. That data made Twitter appear better than it actually was. Also during that period, Twitter executives are said to have sold personal insider shares for more than $100 million in profit.

Dorsey’s other company, Square, recently took a majority stake in Tidal and wanted to take over the Australian payment service Afterpay for more than 24 billion dollars. Square also recently set up a bitcoin division.

Update, 17:15: Jack Dorsey has confirmed his departure on Twitter. The article has been adapted accordingly.

Jack Dorsey. Photo: Joe Raedle/Staf via Getty Images