Tweeter stock jumps as Jack Dorsey steps down as CEO

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Following news CEO Jack Dorsey would be leaving the company, the Twitter stock shot up by as much as 10 percent in pre-market trading before being halted following news that Chief Technology Officer Parag Agrawal would replace Dorsey as CEO.

Upon leaving Twitter, Dorsey said: "I believed the company was ready to grow away from its founders."

After the announcement, Twitter's shares rose before being suspended after news pending was released.

Following the initial news of Dorsey's departure, shares of the company were up by as much as 10 percent in premarket trading.

According to anonymous sources, Twitter CEO Jack Dorsey is poised to stand down from his role at the firm soon, according to CNBC. Dorsey was the CEO of Twitter and Square, a digital payment processor.

Twitter's Chief Technology Officer, Parag Agrawal, will succeed Dorsey as CEO. Agrawal will now be in charge of achieving Twitter's latest targets of 315 monetizable daily active users by the end of 2023, as well as double the company's current annual income.

29 November 2021

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