Parag Agrawal stumped out! With Elon Musk’s takeover, will it be Jack Dorsey’s return to Twitter?
With the change in Twitter ownership, there will be likely changes in the management level as well, with Elon Musk saying that he has no ‘confidence in management’.
Observers say, that this means current CEO Parag Agrawal’s position may not be secure. This gives rise to the question that who might replace him as the new CEO of Twitter?
World’s richest man, Elon Musk has purchased the microblogging platform for a whopping USD 44 billion. Reports suggest that there is every possible chance of former CEO Jack Dorsey returning back to Twitter. Former head of Twitter India, Manish Maheshwari also backs this claim saying Dorsey may make a comeback in a more powerful role.
Chinese analysts also back this theory. Jack Dorsey left the position of Twitter CEO about five months back. Parag Agrawal has been with Twitter for more than a decade but as CEO he did not get enough time to show his potential. Last November, he was promoted to the top post after Dorsey resigned under pressure.
Equation between Elon Musk and Jack Dorsey
Elon Musk’s aquisition of Twitter has gone down well with Jack Dorsey who was quick to respond with a series of tweets saying he trusts the Tesla CEO to run the microblogging platform. “Elon is the singular solution I trust. I trust his mission to extend the light of consciousness,” he tweeted.
Reports suggest Elon Musk and Jack Dorsey have known one another for years. Dorsey has previously stated his support for taking the company private. He had said that as a public company, Twitter has always been ‘for sale’. Musk in a letter, earlier stated that the company needs to go private in order to ‘go through the changes that need to be made’.
This clearly shows both endorse privatisation of Twitter. Dorsey owns 2.36% of Twitter’s outstanding shares, both directly and through trusts. Musk’s agreed-upon proposed purchase price of USD 54.20 per share would net him approximately USD 978 million.
Musk and Dorsey have also been in constant praise of each other. Dorsey said, “He’s constantly on Twitter, constantly talking about what they are doing and how he’s feeling about it as well. He’s very open and using it to correct press and if people aren’t focused on the right things. I think he’s a really good model of how to use it well.”
Musk also had some kind words for Dorsey saying he has a ‘good heart’ in a 2020 tweet. Recently Musk also praised Dorsey’s new official title at Block, ‘Block Head’.
Elon Musk invitation by Jack Dorsey
As CEO of Twitter, Jack Dorsey in 2020 had invited Elon Musk to speak to a group of Twitter employees. Dorsey then had personally asked Musk for advice on how the platform should operate. Elon Musk had suggested that Twitter should do more to verify user identities and ensure that they are real people.
Dorsey had also then jokingly asked Musk, “By the way, do you want to run Twitter?”
Musk Dorsey partnership
Elon Musk and Jack Dorsey have also formed a new partnership to build a bitcoin mine in Texas that is totally powered by renewable energy. This news was revealed by the mine’s other partner, Blockstream co-founder and CEO Adam Back, at the Bitcoin 2022 conference in Miami.