Famous BTC supporter Jack Dorsey resigns as Twitter CEO
The famous BTC supporter has stepped down from his role as CEO of Twitter, according to an announcement from Twitter.
Parag Agrawal, the company’s former CTO, will now become CEO, while Dorsey will retain his position on the advisory board. In a letter of resignation shared on the social media platform, Jack Dorsey wrote:
“After almost 16 years in a position in our company … from co-founder to CEO to CEO to interim CEO to CEO … I have finally decided to leave the time.”
The 45-year-old is the CEO of Square, a popular digital payments company that he runs with Twitter. Dorsey co-founded Twitter in 2006 and served as the company’s CEO until 2008 when he was ousted, but then returned to a second term when former CEO Dick Costolo stepped down. A Twitter follower, Elliott Management, wanted to remove Dorsey from his role a year ago because he questioned the validity of running two large companies at the same time. An agreement was reached with Twitter management that allowed Dorsey to extend his stint with the company. Dorsey made Square’s Cash app a major player in the peer-to-peer payments market as it enables people to buy crypto with fiat and send payments to friends or other providers. More importantly, both Sq. and Jack Dorsey are both the biggest Bitcoin supporters.
Jack Dorsey is an avid Bitcoin evangelist, while Sq. helped usher in a new wave of bitcoin’s institutional rollout last year when it bought BTC for its coffers. Square Meters also creates a range of tools for developers working on financial services products such as Bitcoin wallets. Jack Dorsey announced that Square is starting a new office that will facilitate decentralized and decentralized financial services while focusing on Bitcoin. Other plans include creating a Bitcoin-centric decentralized exchange as well as Bitcoin mining rigs. It remains to be seen whether Dorsey’s exit will be good for Twitter’s crypto plans. Earlier this month, the social media giant announced that it was rolling out Twitter Crypto as a dedicated team to explore Dapp and try to incorporate decentralized technologies into the platform.