Who is Parag Agrawal and what is his net worth?
JACK DORSEY stepped down as the CEO of Twitter on Monday, November 29, 2021.
He chose Parag Agrawal to be his replacement as Twitter's Chief Technology Officer.
Who is Parag Agrawal?
Parag Agrawal rose to the limelight in 2021 when in a statement from the Board of Directors at Twitter, he was unanimously appointed as CEO and a member of the Board.
Jack Dorsey remained a member of the board upon leaving. He stated:
"I've decided to leave Twitter because I believe the company is ready to move on from its founders. My trust in Parag as Twitter's CEO is deep," said Dorsey.
"His work over the past 10 years has been transformational. I'm deeply grateful for his skill, heart, and soul. It's his time to lead."
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Agrawal continued the announcement, adding his thanks and excitement for his future at Twitter.
"I want to thank the Board for their confidence in my leadership and Jack for his continued mentorship, support, and partnership," Agrawal said.
"I look forward to building on everything we have accomplished under Jack's leadership and I am incredibly energized by the opportunities ahead.
"By continuing to improve our execution, we will deliver tremendous value for our customers and shareholders as we reshape the future of public conversation."
On October 27, 2022 Elon Musk took control of Twitter, closing his $44 billion deal to takeover the company.
As one of his first moves in charge he fired several top Twitter executives.
Of these was, now-former CEO Parag Agrawal. CFO's Ned Segal was also let go soon following Musk's Twitter takeover.
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What is Parag Agrawal's net worth?
A member of the Twitter team since 2011, Parag Agrawal has an estimated net worth of $1.52million according to PeopleAI.
According to his LinkedIn profile, Agrawal began his Twitter journey as a Distinguished Software Engineer, a position he worked in for six years before being promoted to CTO of the company in 2017.
Before he worked at Twitter, Agrawal did research at companies like Microsoft, Yahoo!, and AT&T.
He earned a Doctorate of Philosophy in Computer Sciences from Stanford University in 2012.
Prior to his time at Stanford, Agrawal attended the Indian Institute of Technology, Bombay.
Currently residing in San Francisco, California, Agrawal was born in India.
Why did Jack Dorsey step down as CEO of Twitter?
In an email sent to Twitter and then later screenshotted and shared to the website, Dorsey explains his reasoning behind stepping down from the company.
"There's a lot of talk about the importance of a company being 'founder-led,'" he wrote.
"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 continued to say that Parag Agrawal has been a part of every critical decision at Twitter over the last few years.
Dorsey goes on to add that Bret Taylor agreed to become the Chairman of the Board at Twitter.
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"On behalf of the Board, I want to thank Jack for his visionary leadership and unrelenting dedication to Twitter since its founding," said Taylor of his new position.
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"Jack returned to Twitter and turned the Company around at the most critical time. The progress since then has been nothing short of incredible. Jack has given the world something invaluable and we will continue to carry it forward."
Dorsey also has an executive role at Square, his digital payment company, and was called to step down as CEO of one of the companies by Elliott Management founder Paul Singer.