Twitter co-founder and CEO Jack Dorsey confirmed that he will step down as chief executive officer of the social media platform.

Twitter CEO Jack Dorsey resigns, new CEO announced

“I want you all to know that this is my choice and I own it.” Dorsey said in an open letter to Twitter employees.

He added that he viewed “founder-led” businesses as a point of failure and said he had “worked hard for this company to come out of it”.

He also confirmed that its chief technology officer, Parag Agrawal, will become CEO of Twitter, while Bret Taylor will become its chairman of the board.

Dorsey’s resignation as CEO was reported by CNBC before it was officially announced, while Reuters and Bloomberg also shared details of the story, all citing unnamed sources “familiar with the company”.

Twitter’s shares have been paused from the New York Stock Exchange due to a pending news announcement from the company. Before trading ceased trading, Twitter’s shares rose 3.42% that day.

Jack Dorsey is a bitcoin celebrity

In addition to his role on Twitter, Jack Dorsey is also CEO of the payment company Square, which played an active role in the introduction of Bitcoin (BTC).

The tech entrepreneur said during the Bitcoin 2021 conference in Miami last June that if he wasn’t working at Square or Twitter, he would be working on Bitcoin, adding: “If it needed more help than Square and Twitter, I’d leave them for Bitcoin.”

Meanwhile, Twitter’s new CEO Parag Agrawal is not yet known as a proponent of Bitcoin but has previously expressed an interest in decentralizing social media networks.

In 2019, he was hired by the company to find a lead for a Twitter-sponsored initiative called Bluesky, which Jack Dorsey said would “develop an open and decentralized standard for social networking.”

Agrawal joined Twitter in 2011 as an engineer and has been the company’s CTO since 2017.

Bret Taylor, the new CEO of Twitter, is currently President and CEO (COO) of large enterprise software company Salesforce.

In his resignation letter, Dorsey said of Taylor that he was someone “who understands entrepreneurship, takes risks, is big-scale business, technology, products and an engineer”.

Speaking on crypto during an event hosted by the Global Blockchain Business Council in 2019, Taylor said that “the past decade has been very exciting for blockchain technology and cryptocurrencies.”

Taylor said: “Blockchain is an ideal technology to offer many companies and many organizations customer benefits.”

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