minus academy faq plus academy faq Check in circle Apple Android Home Magnifer Calculator Mail Email Facebook Twitter RSS Linkedin Linkedin hollower Headphones Wechats Instagram Line Mail 2 Phone Phone 2 Minus Plus Arrow right Arrow left (variant 2) Arrow right (variant 2) Brand logo Brand logo not filled Hamburger Flag of the Hong Kong Flag of the US/GB Flag of the US/GB Flag of the US/GB Flag of the China Flag of the China Flag of the China (traditional) Flag of the Taiwan Flag of the Hong Kong Flag of the Spain Flag of the Russia Flag of the France Flag of the German Flag of the Portugal Flag of the Italy Flag of the Poland Flag of the Czech Flag of the Hungary Flag of the Sweden Flag of the Bulgarian Flag of the Finland Flag of the Lithuania Flag of the Denmark Flag of the Croatia Flag of the Estonia Flag of the Norway Flag of the Romania Flag of the United Arab Emirates Flag of the United Arab Emirates Flag of the Indonesia Flag of the Malaysia Flag of the Korea Flag of the Korea Flag of the Samoa Flag of the Vietnam Flag of the Thailand Flag of the Turkey Flag of the Japan Cross Cross large User Arrow down Arrow up Cube Info list Data comunication Clock Slash
Market News
Jack Dorsey's Stepping Down as Twitter CEO to Focus on Bitcoin?

Jack Dorsey’s Stepping Down as Twitter CEO to Focus on Bitcoin?

30-11-2021 11:04

ZFX  – Twitter (NYSE:TWTR) co-founder — Jack Dorsey — publicly announced last Monday, via the social media company he co-founded, that he will be stepping down from his position as the company’s Chief Executive Officer. Twitter’s share price is trading down less than a percentage point on the news.

According to Dorsey’s statement, Twitter’s Chief Technology Officer Parag Agrawal is starting as CEO, effective immediately. Dorsey continued in his resignation message that he will continue to serve on Twitter’s board of directors until his term ends in May 2022. He further stated that he will not remain on the board or as chairman beyond that timeframe to give the new Twitter CEO “…the space he needs to lead… free from the influence or direction of the founder.”

His message opens with the following explanation of why he believes it is time to step back from his day-to-day leadership role on Twitter.

“After nearly 16 years of having a role in our company… from co-founder to CEO to Chairman to Chief Executive to interim CEO to CEO… I decided it was finally time for me to leave. Why? There has been a lot of talk about the importance of a ‘founder-led’ company. Ultimately I believe it was very limiting and a single point of failure,” Dorsey wrote in his statement.

He went on to explain that he was not forced to leave and the decision was his own.

“I want you all to know that this was my decision and I own it. That is a difficult thing for me, of course. I really like this service and company… and all of you. I’m really sad… but very happy. Not many companies reach this level. And not many founders choose their company over their ego. I knew we were going to prove this was the right move,” Dorsey wrote.

The message was emailed to all Twitter employees prior to his decision to also tweet to his nearly 6 million followers. Although not mentioned in the Twitter announcement, it appears that Dorsey intends to continue as CEO of digital payments platform Square.

In recent years, Dorsey has become one of the most vocal and passionate proponents of Bitcoin. He leads an initiative that equips Twitter users to be able to send Bitcoin “tips” at no cost to anyone they follow on the platform. He also recently laid the groundwork and issued a white paper for Square to launch its own decentralized exchange for Bitcoin trading. Last June, Dorsey famously said that if he wasn’t running Twitter and Square – he would be working on Bitcoin.

Behind the resignation, Jack Dorsey has been a constant supporter of Bitcoin and blockchain. Although he is a bit of a Bitcoin maximalist, he supports the underlying promise of blockchain and crypto technology to bring about economic equality for all.

Also Read: Bitcoin’s “Bull”! Weak dollar maintains amid “Blue wave” coming

Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.

ZFX (Zeal Capital Market) is an FCA & FSA licensed online Forex & CFD broker providing more than 100 products for Forexcommoditiesstock indices, and share CFDsOpen a trading account with min. USD 50 deposit and download our MT4 trading platform now!