Twitter CEO Jack Dorsey has resigned and will be replaced by chief technology officer Parag Agrawal, according to a company statement on Monday.
Dorsey co-founded twitter in 2006, leaving the top job in 2009 and returning in 2015. In that time he amassed a fortune of $12 billion.
Despite increasing revenue by 37% in 3Q21 Twitter reported a loss of $743 million in that period largely due to a $766 million payment to settle a class action lawsuit claiming the company misrepresented its user numbers.
Dorsey controversially signed off on banning Donald Trump from twitter in the wake of the 2021 presidential transition. During his tenure twitter has also been involved in social media debates regarding fake accounts and the spreading of unreliable information.
In 3Q21 Twitter had 230 million accounts, which followed at least one topic and added more than 2300 topics for a total of 11,800 across 11 languages.