After serving as the CEO of social media giant Twitter for over six years, the platform’s co-founder Jack Dorsey officially relinquishes his position to current CTO and board member Parag Agrawal. According to his lengthy announcement, which he posted on his verified Twitter profile, his decision to step down as the platform’s head-honcho was approved by the board, ushering in a new era spearheaded by Parag. Dorsey believes that it is essential for Twitter to learn to stand on its own, free from the influence of its founders. As implied by his announcement, him stepping down felt the most logical thing to do just that.
Although Dorsey is well known for his role in the Twitter platform, he, too, is a massive supporter of everything cryptocurrency, especially Bitcoin (BTC). Dorsey’s evangelist approach on BTC cannot be more represented by his other company, Square, which helped kick off the insane institutional adoption the crypto experienced last year. Early 2021, Dorsey announced on behalf of Square a new subsidiary that aims to facilitate BTC-based financial services that strive to be permissionless, non-custodial, and decentralized.
Before Dorsey’s departure, many believed that Twitter’s immediate future is set in stone – would have something to do with crypto or blockchain tech. While such projects would most likely continue despite the transfer of power to Agrawal, it is safe to assume that the social media platform would not have that much focus on cryptos and its underlying tech as much as when it did when Dorsey was at the helm.