What Is Jack Dorsey’s Net Worth? Twitter CEO Steps Down

Twitter’s (TWTR) shares spiked on news that Jack Dorsey was expected to step down from his role as Twitter CEO on Monday. Twitter formally announced the news shortly after.

The news that Dorsey would be stepping aside was first reported by CNBC. Reuters and Bloomberg also cited sources that Dorsey would be stepping down.

Dorsey, who has a net worth of $11.7 billion as of Monday, according to Forbes, is the CEO of both Twitter and the digital payment platform Square. He has been CEO of Square since 2009.

Dorsey will be succeeded by Parag Agrawal as Twitter CEO. Dorsey will remain a member of the board of directors until his term expires at the 2022 meeting of stockholders.

Agrawal has been with Twitter for more than a decade and has been chief technology officer since 2017.

According to CNBC, Twitter stakeholder Elliott Management looked to replace Dorsey as CEO in 2020 before a deal was reached with the company’s management.

Dorsey was questioned by Elliott Management founder and billionaire investor Paul Singer if he could run both Twitter and Square, calling for him to step down as CEO at one of the public companies.

Dorsey co-founded Twitter in 2006 and was CEO until 2008, returning to the company in 2015.

The social media platform has set goals of achieving 315 million monetizable daily active users by the end of 2023 and to at least double its annual revenue within the same year, CNBC reported.

As of Monday at 11:02 a.m. EST, shares of Twitter were trading at $49.20, up $2.13, or 4.53%.