Twitter’s stock was up roughly 10% on the news, but some fear that this may lead to more censorship in the future.
We currently don’t know why he is reportedly stepping down, as the announcement has come as somewhat of a surprise for many investors and users of the platform alike.
Could this timing possibly have something to do with the start of the Ghislaine Maxwell trial?
Is Dorsey going all in on Bitcoin as he had previously touted?
I am not sure, but the sudden timing leaves one to wonder….
Here’s what we currently know:
— Squawk on the Street (@SquawkStreet) November 29, 2021
— CNBC (@CNBC) November 29, 2021
It’s unclear who’s set to succeed Dorsey or the timing of a potential announcement. It’s also unknown why Dorsey, 45, would take a step back. 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.
Just because Jack Dorsey is leaving Twitter as CEO, doesn’t mean things will get better. There have been some instances where his employees have reportedly done things w/o his permission, like shutting down a president’s account without permission
The grass is not always greener
— Wayne Dupree Media, LLC 🎧 (@WayneDupreeShow) November 29, 2021
This is the right take. I’ve been telling people for years. Jack Dorsey is not your enemy. He is a prisoner at his own company.
Good thing the Parler app is finally working properly and looks amazing. The communists will fully run Twitter soon. https://t.co/2hIXG6UETB
— Candace Owens (@RealCandaceO) November 29, 2021
The New York Post adds:
Critics of Dorsey have long been skeptical of his dual roles as CEO of both Twitter and payment-processing firm Square, charging that he can’t effectively manage both multi-billion dollar companies.
Elliott Management, the New York-based hedge fund run by billionaire Paul Singer, has previously disclosed a substantial stake in Twitter. In 2020, the hedge fund sought to replace Dorsey as CEO and force the company to make other changes to its corporate structure.