Yesterday, Jack Dorsey officially resigned his position as the Chief Executive Officer of Twitter, effective immediately. After leaving, Twitter Chief Technology Officer (CTO) Parag Agrawal will replace Dorsey, as CEO. However, Dorsey will continue to serve as a member of Twitter’s board of directors until his term expires at the 2022 shareholders’ meeting. According to his resignation letter, Dorsey claims that he wants the company to be the most transparent in the world. In his time at Twitter, Dorsey had some remarkable achievements.
Let us take a look at some of Jack Dorsey’s major achievements at Twitter
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- 2006: Publish the first news on the Twitter platform
- 2008: The board of directors dismissed Dorsey, co-founder Evan Williams became CEO, and Dorsey became chairman
- 2013: Twitter goes public with a valuation of $31 billion
- 2015: After Dick Costolo stepped down, Dorsey became Twitter CEO again
- 2017: A Twitter staff member deactivated the former presidential account on the last day of work and restored it after 11 minutes
- 2018: Twitter increased the character limit for tweets from 140 to 280
- 2020: Hedge fund Elliott Management requires company reorganization and wants Dorsey to resign as CEO
- 2021: After the Congressional riots, Twitter permanently banned the former president of the US Donald Trump from the platform.
- February 2021: Twitter announced its development plan, requiring annual revenue to reach at least $7.5 billion before 2023, and profitable daily active users of reach 315 million
- March 2021: Twitter sold its first tweet as NEF for more than $2.9 million
- July 2021: Former president of the US (Donald Trump) sued Twitter, Facebook, Google, and their CEOs.
- September 2021: Twitter hit 211 million profitable daily active users.
- 2021: According to “Forbes” statistics, as of November 29, Dorsey has net assets of 11.8 billion US dollars.
Twitter did quite well under Dorsey
Generally, Twitter’s finances have been great under Jack Dorsey. The company’s quarter to quarter financial reports have been quite good. Back in July, Twitter reported on its work in the second quarter of the current fiscal year. The company recorded significant growth in key areas. The company’s revenue for the three-month period is $1.19 billion. This is a 74% year-on-year increase from its $683 million revenue from the same period of last year. The company’s advertising revenue jumped 87% year on year to $ 1.05 billion.
Furthermore, its licensing and other revenue streams generated a total of $ 137 million, up 13% from the second quarter of last year. At the end of the quarter, the company posted a net income of approximately $ 66 million, or 8 cents per share. For comparison: a year earlier, losses were recorded at the level of $ 1.38 billion, or $ 1.75 per share.