A highlight from Mon. 11/29 Jack Dorsey To Leave Twitter?
29th, 2021, I'm Brian McCullough today, Jack Dorsey is reportedly about to be a one company CEO if he steps down from Twitter. The acquisition of giphy is on life support. Folks remember Microsoft could be an antitrust target to well apple's AR headset not need to be tethered to an iPhone and a look at just how much Amazon has increased its delivery capacity. Here's what you missed today in the world of tech. Early this morning, David Faber was reporting that sources were telling him that Twitter's CEO Jack Dorsey is expected to step down from that CEO position quote Dorsey currently serves as both the CEO of Twitter and square his digital payments company. Twitter stakeholder Elliot management had sought to replace Jack Dorsey as CEO in 2020. Before the investment firm reached a deal with the company's management. Elliot management founder and billionaire investor Paul singer had wondered whether Dorsey should run both of the public companies calling for him to step down as CEO of one of them. It is unclear who is set to succeed Dorsey, but if he steps down, the next CEO will have to meet Twitter's aggressive internal goals. The company said earlier this year, it aims to have 315 million monetizable daily active users by the end of 2023, and to at least double its annual revenue in that year end quote. It is worth noting that early this morning Twitter stock was up as much as 10% on this news. As Barry riddles tweeted, just be glad that when you quit your job, your company's stock price does not rise 10%. The rumor that I just saw on Twitter is that Dorsey and Twitter's board have already settled on a successor. And as I would point out, there is a strong and maybe obvious internal candidate to step up to the CEO position. It is friend of the show and sometimes guest on our Twitter spaces, kayvon, bake pour, who has been the leader of Twitter's recent product renaissance of late. Though, as Matt Levine tweeted, quote, what are the odds that the next CEO of Twitter currently has a Twitter account? Like zero, right? The most important criterion for a senior executive is that you've never used the product. I used to make fun of Twitter for this, but now I think it's just obviously a good idea and quote. Shows what I know. Late breaking news to report here after I recorded that last bit that Jack Dorsey released a departure statement, quoting the verge. The company confirmed that CTO parag agrawal will succeed Dorsey and says that Dorsey will remain on its board of directors. Bret Taylor is taking over as the new chairman of the board. In a statement Dorsey said, quote, I've decided to leave Twitter because I believe the company is ready to move on from its founders. My trust in Prague as Twitter's CEO is deep. His work over the past ten years has been transformational. I'm deeply grateful for his skill heart and soul. It's his time to lead. Quote, agrawal joined the company in 2011 as an ads engineer, eventually taking the title of CTO in 2018.