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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.

"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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