Twitter’s stock price jumped 11% on the news that one of the company’s founders is planning to step down as CEO. Jack Dorsey, who has been a lightning rod of controversy since founding the company, is expected to step down as early as today. Last year, a management firm with big money invested in the company wanted Dorsey to step down from his Twitter duties last year, believing it impossible for him to perform the job for both Twitter and Square.
After the parties agreed to keep Jack on, things appear to have fallen apart. A change of heart has taken place, and now TMZ is reporting that Dorsey is ready to vacate the position. Dorsey was one of four original founders of the social media site back in 2006.
Jack Dorsey served as the company’s CEO from its beginning until 2009. In 2015, he took back the job. Square, a digital payment acceptance firm, was founded in 2009. It is believed Dorsey will remain in his position with Square.
Jack has made the best of his visibility as the top man at Twitter. He’s friends with Jay-Z. He’s even become pals with Kanye West. He controlled one of the most influential social media sites of all time, so anybody with anything to sell likely wanted to remain on Dorsey’s good side.
Jack Dorsey became a household name in the wake of the social media cancellation of former President Donald Trump. He was banned from every mainstream platform for sharing false information about elections, the COVID-19 virus, and the violent January 6 Capitol insurrection.
Dorsey has become a favorite target for Trump-loving conspiracy theorists who think that Trump has been unfairly censored. Thus far, none of Trump’s attempts to overturn his ban have worked. Jack Dorsey will forever remain a controversial figure to those who believe in Trump’s lies.
Why do you think Jack Dorsey stepped down as Twitter CEO? Let us know your thoughts in the comments!