Twitter boss, Jack Dorsey has resigned
“This was my decision,” Dorsey explained to his coworkers in a note.
Jack Dorsey Resigns as Twitter CEOJack Dorsey is stepping down as Twitter CEO.
On Monday, the Big Tech entrepreneur tweeted an email announcing his departure from the company. The message stated:
“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… I want you all to know that this was my decision and I own it.”
The email stated that Twitter’s CTO, Parag Agrawal, would take over as CEO starting immediately. Meanwhile, Bret Taylor will take over as Board Chair. Dorsey stated that he would stay on the board for a short time to assist the couple with the transition, but that he would thereafter exit the company.
Dorsey defended his choice by saying that he feels it is critical for firms to evolve without their founding team since founders might operate as “a single point of failure.”
Aside from Twitter, Dorsey is well-known for his strong confidence in Bitcoin, which he sees as the “native money” of the Internet. Square, his other company, has invested in the asset and accepts Bitcoin payments through the Cash App. Under Dorsey’s leadership, Twitter also made many significant efforts to support the technology, including integrating Bitcoin tipping to the Lightning Network and minting its own NFTs (Dorsey also sold his first tweet on the site as an NFT, despite his apparent lack of interest in Ethereum). Twitter hired Tess Rinearson, a former Cosmos contributor, earlier this month in an effort to begin integrating Web3 applications.
Dorsey has recently been working on tbDEX, a Bitcoin-focused startup. The project, built through Square, promises to provide a decentralized exchange, or DEX, to Bitcoin. The whitepaper for tbDEX was published by Square earlier this month, but it’s unclear if the ambitions for the platform had anything to do with Dorsey’s decision to leave Twitter.
The market reacted negatively to the news of Dorsey’s resignation, with TWTR trading at $46.58 at the time of publication. Today it is down 0.96 percent.
