I decided to quit Twitter because I think the company is ready to cut the cord with its founders, explained Jack Dorsey, in a press release, which marks the end of an era.
To mark the break, the native of St. Louis, Missouri, also plans to leave the board of directors in 2022 and will not seek a new term at the general assembly of the group.
With his recognizable allure, his long beard, and his atypical style, Jack Dorsey has embodied, for years, on his own, Twitter.
He had made a first stint as general manager of Twitter between 2007 and 2008, finally ousted by the board of directors, dissatisfied with his management.
Since his return to the helm of the company at the blue bird in October 2015, the relaxed entrepreneur has been regularly criticized for not having let go of the reins of his other company, the specialist in mobile payments Square, to devote only to Twitter.
The priorities: monetization and cleaning of the platform
As Jack Dorsey steps aside, he leaves Twitter with a portfolio of 211 million so-called daily users.
monetizable, that is, who are exposed to advertisements on the platform.
With Jack Dorsey at its head, Twitter published its first quarter profit, for the last three months of 2017, then two full years in the green, before plunging back into the red in 2020.
The 40-year-old has endeavored to monetize the traffic of the platform, a weak point of the company until then, while it is a major relay of opinion, with a unique place in the media landscape.
To do this, the group has improved its moderation tools to make the network more presentable and easier to use for advertisers but also for users.
He deleted the accounts of personalities accused of hate speech or of relaying conspiracy theories or false claims.
The high point of this clean-up campaign is the permanent suspension of the account of the President of the United States, Donald Trump, in January 2021.
The decision further reinforced, in the eyes of several members of the conservative right, the image of a network in the service of progressives and the left and ready to muzzle freedom of expression.
People tend to associate Jack Dorsey with censorship on Twitter, but I think he’s done what he could in recent years to keep the platform relatively open.Mike Solana, head of private equity firm Founders Fund, commented on Twitter.
Without it, things will get worse, not better.
More or less successful initiatives
To improve its profitability, Twitter has also launched a series of initiatives, including the possibility of paid subscriptions to certain highly followed accounts.
In June, the network also launched a paid version of Twitter in Canada and Australia with additional features for users who subscribe to it.
In recent quarters, Jack Dorsey had insisted on the need to personalize, with the help of artificial intelligence, the use made by each subscriber of the service, in particular by creating new threads specific to specific subjects.
We are on our way to leave 2021 being a more focused company, with clearer priorities, said Jack Dorsey at the last results presentation conference at the end of October.
With Twitter for more than ten years, Parag Agrawal is a specialist in computer engineering, which has played a major role in accelerating artificial intelligence within the group.
After a brief suspension pending the announcement, the market was reacting favorably to the unconfirmed information, with Twitter headline gaining 2.90% around 11:30 a.m. on Wall Street.
Become billionaire in 2013 with the IPO of Twitter, Jack Dorsey is today at the head of a fortune estimated at 11.8 billion US $ (15 billion $) by the site of the magazine Forbes.