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Jack Dorsey and Parag Agrawal – The Road Ahead For Twitter
If Twitter is one of the most popular microblogging social network websites, the lion’s share of the credit goes to Jack Dorsey. With Dorsey resigning from the CEO position for the second time, the position will be filled by the company’s CTO, Parag Agrawal.
Who is Jack Dorsey, and What is His Relationship With Twitter?
Twitter was a brainchild of Jack Dorsey when he founded the company in 2006, along with Evan Williams. His first stint as the CEO of Twitter, Inc. lasted for two years. And, in 2015, he made a comeback as the permanent CEO of Twitter. Dorsey figures among the top-100 richest businesspersons on the Forbes 400 2021 list.
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Under Jack Dorsey’s stewardship, recognition started coming early for Twitter. In March 2007, Twitter was declared as the ‘Best Startup‘ at South by Southwest, which helped it gain media coverage. By June 2007, the company’s valuations touched US$20 million. However, his growing differences with Evan, coupled with the frustration of shareholders over frequent server failures, saw Dorsey leaving the CEO’s position in 2008.
After 2008, Dorsey worked to bolster his position at Twitter and make Twitter more popular among the masses. And after he returned in 2015 as the company’s permanent CEO, he took many epic decisions that saw Twitter catapulting to a new era of profitability and popularity.
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Twitter Now (In Numbers)
Twitter is undoubtedly one of the world’s most popular social media networking websites. The following numbers indicate its popularity among internet users:
- 1.3 Billion – Total user accounts.
- 353 million – Total Monthly Active Users.
- 186 million – Daily Active Users.
- 500 million – Tweets forwarded every day.
- 42% – Twitter users open their accounts daily.
- 3.39 Minutes – The average time spent by a user on the platform.
- 79% – Twitter accounts are out of America.
- 80% – Twitter users are ‘Affluent Millennials.’
- 26% – Higher ad engagement rates than other social networks.
- 67% – Digital marketers prefer Twitter for marketing their products and services.
Looking at the numbers above, one can easily understand why Twitter has emerged as a hotspot for brands willing to market their products to the right audience.
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What Can We Expect From Parag Agrawal’s Stint at the Top?
Parag Agrawal, an alumnus of the Indian Institute of Technology (Bombay), joined Twitter in October 2011 and was appointed as the CTO in March 2018. He joined Twitter soon after completing his Ph.D. in Computer Science from Stanford University. After Jack Dorsey announced his resignation, Mr. Agrawal will take over as the company’s CEO.
Parag Agrawal has played a vital role in devising Twitter’s technical strategy. His unique expertise in Machine Learning and AI helped Twitter tread on uncharted territories backed by better data-driven decisions. Jack Dorsey has personally appreciated his talent and sense of judgment and believes he will play a transformational role in Twitter’s growth story.
The Road Ahead
Twitter is on a steady growth path. The firm has announced its intention to increase its monetizable daily active user base to 315 million by 2023-end and double its gross annual revenue. Going by the renewed vigor of Twitter’s top management, we can assume that it will soon scale new heights and deliver more value to its shareholders.
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