Social media platform Twitter Inc (NYSE: TWTR) continues to be in the headlines with a confirmed bid and more rumors of takeover offers.
Here’s how shares of the company have performed since co-founder Jack Dorsey stepped down.
What Happened: Jack Dorsey served as the CEO of Twitter on two occasions in moves that parallel the storyline of Apple Inc (NASDAQ: AAPL) co-founder Steve Jobs.
Dorsey was the CEO of Twitter before being forced out by the board of directors in 2008, a move similar to what Jobs faced at Apple.
Dorsey was named the interim CEO in June 2015 in a move to bring the struggling company back to life. Later in October 2015, Dorsey received the official CEO title, a position he held until November 2021.
After six years of leading the company he co-founded, Dorsey announced on November 29, 2021, he would be stepping down as the CEO of Twitter.
Twitter Chief Technology Officer Parag Agrawal was named the replacement for Dorsey, making him at the age of 37 the youngest CEO of all S&P 500 companies.
Less than a year into the role, Agrawal has now found himself in the middle of a battle for control with Tesla Inc (NASDAQ: TSLA) CEO Elon Musk.
Musk acquired a 9.1% stake in Twitter and after deciding not to join the board of directors announced his offer to acquire the company for $54.20 a share.
The board of directors adopted a poison pill and are expected to turn down the offer. Unusual Whales noted on Twitter that Agrawal owns 0.06% of Twitter and Dorsey owns 2.25% of the company he helped create. Together, the board of directors owns 2.37% of Twitter, significantly less than Musk’s stake.
Related Link: 5 Fun Facts You Might Not Know About Jack Dorsey
Investing $1,000 in Twitter: It was revealed around market open on Nov. 29, 2021, that Dorsey would be stepping down as CEO immediately. Shares traded at $51.88 at that time.
Shares closed at $45.78 on Nov. 29 and opened for trading at $45.51 on Nov. 30, the first official day of Agrawal leading the company.
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