Twitter CEO Jack Dorsey officially resigns, posts resignation letter on Twitter

Former President Donald Trump undoubtedly had a smile on his face upon hearing the bombshell news this week that Twitter CEO Jack Dorsey — the Big Tech censorship lord who banned the president from the platform — announced his resignation.

According to the Daily Mail, Dorsey, the social media company’s only CEO since 2006, posted his formal resignation letter on Twitter, and noted in his statement that he worked tirelessly to “to ensure this company can break away from its founding and founders,” and added some self-praise by noting “‘there aren’t many founders that choose their company over ego.”

Notably, Twitter’s stock share price skyrocketed some 11% after news of the resignation was announced, which is a somewhat rare occurrence in such a scenario, and it could suggest that the market actually celebrated the former CEO’s removal.

As the Daily Mail noted, Dorsey’s sudden resignation came in the wake of what was described as a “major bust up” between the former CEO and Elliott Management, “a hedge fund run by Paul Singer which has a substantial stake in Twitter.”

Elliot Management was reportedly able to leverage its substantial stake in the social media platform to effect a number of corporate changes, with some of those changes presumably undesired by Dorsey.

CTO Parag Agrawal was quickly named as the new CEO of the company, and he immediately made waves on Tuesday after a 2020 video resurfaced in which Agrawal said Twitter should no longer “be bound by the First Amendment,” Fox Business reported.

“Our role is not to be bound by the First Amendment, but our role is to serve a healthy public conversation and our moves are reflective of things that we believe lead to a healthier public conversation,” Agrawal said at the time.

Republican lawmakers and others upset at the fact that Twitter banned a sitting U.S. president celebrated Dorsey’s exit from the company, with Rep. Lauren Boebert (R-CO) describing Dorsey in a tweet as a “diaster.”

Dorsey will continue to keep the helm as CEO of Square, a payment-processing company. Many of his critics in the business world have long-argued that he should have stepped out of at least one of the companies a long time ago, as trying to CEO two major tech firms is a nearly impossible task.