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Twitter shares surge by almost 5% after Jack Dorsey's exit announcement

The share price of Twitter was trading up 4.82% at $49.34 apiece at 9:45 pm (IST) on November 29.

November 29, 2021 / 10:20 PM IST
Twitter | Representative Image

Twitter | Representative Image


Following the announcement by Jack Dorsey to step down as Twitter's CEO, stock price of the social media platform surged by 4.82 percent in the intra-day trading at the New York Stock Exchange.

The stock was trading up 4.82% at $49.34 apiece at 9:45 pm (IST) on November 29.

Twitter's share price was at $47.07 earlier on November 29, but surged soon after Dorsey's announcement of leaving the social media platform.

ALSO READ: Twitter names Parag Agrawal as CEO after Jack Dorsey steps down

The company's board has unanimously appointed company's Chief Technology Officer Parag Agrawal as his successor.

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"I've decided to leave Twitter because I believe the company is ready to move on from its founders," Dorsey said in a statement.

Agarwal joined Twitter in 2011 and was appointed as the company's CTO in 2017. Prior to joining Twitter, Agarwal was has been a part of top US companies including Yahoo, Microsoft and AT&T Labs.

Apart from Agarwal, Twitter board also announced that Bret Taylor -- a member of the company's Board since 2016 -- will be an Independent Chair of the Board with immediate effect.
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