Twitter's (TWTR.US) stock price jumped more than 12.0% in the premarket in the wake of reports that co-founder Jack Dorsey was stepping down as the company's CEO and Parag Agrawal, current chief technology officer, will take over his position. Dorsey will remain on the board until at least 2022, the company said, with Bret Taylor becoming independent chairman. "I've decided to leave Twitter because I believe the company is ready to move on from its founders," Dorsey wrote on Twitter.
"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," said Dorsey, who is also CEO of digital payments firm Square Inc (SQ.US). Earlier one of the Twitter stakeholder Elliot Management raised questions whether Dorsey is able to manage both firms.
Parag Agrawal said: "I look forward to building on everything we have accomplished under Jack's leadership and I am incredibly energized by the opportunities ahead." Agrawal is slated to speak at a Barclays investor event on December 7, alongside current CFO Ned Segal. New CEO will have to face firms ambitious internal targets. The company expects to have 315 million monetizable daily active users by the end of 2023 and is hoping to double its annual revenue by that time.
Twitter's (TWTR.US) stock launched today's trading with a bullish price gap around $52.00 level, only to plunge sharply later in the session. Currently price is heading towards local support at $43.50 which coincides with 61.8% Fibonacci retracement and lower limit of the 1:1 structure. Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.