Twitter stock has seen great traction but missed the US tech rally, said Zerodha co-founder Nikhil Kamath after Jack Dorsey announced his departure as the CEO of the microblogging platform."What's happening at Twitter, Twitter. I personally see a lot of traction, but the stock has totally missed the US tech rally," Kamath wrote on Twitter.
What's happening at Twitter, Twitter.
I personally see a lot of traction, but the stock has totally missed the US tech rally. pic.twitter.com/lG5karPFMl
— Nikhil Kamath (@nikhilkamathcio) November 29, 2021
Twitter Inc slumped $2.74 percent to close $45.78 on November 29.
The social media firm said Dorsey will be succeeded by Chief Technology Officer Parag Agrawal.
The move ends Dorsey's run as being CEO of two major technology companies, the second being digital payments firm Square Inc.
"After almost 16 years of having a role at our company from co-founder to CEO to Chair to Exec Chair to interim-CEO to CEO, I decided it's finally time for me to leave. Why? There's a lot of talk about the importance of a company being "founder-led," Dorsey said in a note posted on Twitter.
Also Read | Who is Parag Agrawal, the new CEO of Twitter?
Ultimately, I believe that's severely limiting and a single point of failure. I've worked hard to ensure this company can break away from its founding and founders, he said.
Agrawal, an IIT Bombay, and Stanford alumnus said that he is honoured and humbled by his appointment.
Founded in 2006, Twitter has seen a steady surge that has been credited to the leadership which included Dorsey among those at the helm.
Since October 2015, when he had taken over as the CEO, Twitter's shares have jumped cumulatively by 85 percent, according to CNBC.Dorsey, however, has faced criticism from a section of experts who consider that he has devoted more time to Square Inc, the digital payments firm which he had co-founded and has been leading as its CEO since 2009.