Twitter: Jack Dorsey Steps Down as CEO

Twitter founder Jack Dorsey, has announced that he will be stepping down from CEO of the popular online platform. His resignation, Dorsey stated, would be “effective immediately”.

Dorsey will be succeeded by Parag Agrawal, who will continue to pursue the originally set goals of the communications company.

I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in a statement, his words echoing throughout the Twitterverse. “My trust in Parag as Twitter’s CEO is deep. His work over the past 10 years has been transformational. I’m deeply grateful for his skill, heart, and soul. It’s his time to lead.”

In February, Twitter, led by Jack Dorsey announced1 the company would “double their total annual revenue” from $3.7 billion in 2020, to at least $7.5 billion by 2023. This will be achieved2 by reaching 315 million monetizable daily active users from 2020’s 152 million. Parag has stated his total commitment to the Twitter founder’s original goal.

Twitter’s Investor Relations stated,

“Our forward-looking Tweets, like those about future goals and targets, are subject to risks and uncertainties. These goals and targets are based on our current roadmap and are contingent upon many factors, including our own execution and various market conditions.”

“We may modify our goals or pursue alternative objectives. These statements reflect current expectations and assemptions. Actual results could differematerially. For details about risks that may impact our business, please see our last Form 10-K and our other SEC filings.” – @TwitterIR

Does Dorsey’s resignation signal a new era in Twitter’s platform regulations? Will Parag continue to allow the platform to distribute multiple points of view? Could Jack Dorsey’s decision to resign have been influenced by the metaverse currently being built? Could he have seen something in the future technology, leading him to want to step down from responsibility for what’s to come?

During China’s “Great Leap Forward” era, Mao’s reign included promises of Chinese export, which ultimately became international expectations, leading to experimental agricultural, steel production, and nutritional methods that [economically] resulted in a weakened and usable product, among other atrocities. Thankfully, Dorsey’s predicted company expectations won’t create a mass famine, however the announcement made by the online platform’s founder did setup a user expectation. An expectation that Twitter will continue to create a high quality and secure digital product, despite its efforts to double its total annual revenue, while adhering to a strict deadline. 

Now with Dorsey’s rapid departure, Twitter has opened itself up to a vulnerability for the platform to, similar to Mao, create a weak and unusable product, (whether in form, or user digital security). With the founder’s absence, Parag, similar to Deng Xiaopeng [Mao’s successor], must deliver results worldwide, no matter the cost, while historically it has proven difficult for rulers to shift course in an already created system (in this case by 2023).

How will Twitter attract more users in order to gain more revenue from its customers? Will Parag seek help from international companies, executives, or individuals aligned with the Chinese Communist Party (CCP), in exchange for user metadata, and access to personal information? Are Twitters financial expectations an opportunity for the CCP’s technological advance as well as the compromise of user information?

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