Twitter co-founder and CEO Jack Dorsey confirmed he is stepping down from his function as chief govt of the social media platform.
“I would like you all to know that this was my resolution and I personal it,” Dorsey said in an open letter to Twitter staff.
He added that he views firms which can be “founder-led” as having “a single level of failure,” and mentioned he has “labored arduous to make sure this firm can break free from its founding and founders.”
He additionally confirmed that their Chief Expertise Officer Parag Agrawal turns into Twitter’s CEO beginning in the present day, whereas Bret Taylor turns into their board chair.
Dorsey’s resignation as CEO was reported on by CNBC earlier than it was formally introduced, whereas Reuters and Bloomberg additionally shared particulars on the story, all citing unnamed sources “conversant in the matter.”
Twitter’s inventory has been halted by the New York Inventory Change as a consequence of a pending information announcement from the corporate. Earlier than buying and selling was halted, Twitter’s inventory was up 3.42% for the day.
Along with his function at Twitter, Jack Dorsey additionally serves because the CEO of funds firm Sq., which has taken an energetic function in advancing the adoption of bitcoin (BTC).
Jack Dorsey is well-known as an advocate of bitcoin, usually calling it “the native forex of the Web.”
The tech entrepreneur mentioned in the course of the Bitcoin 2021 convention in Miami this previous June that if he wasn’t working at Sq. or Twitter, he could be engaged on Bitcoin, whereas including “If it wanted extra assist than Sq. and Twitter, I would depart them for bitcoin.”
In the meantime, Twitter’s new CEO, Parag Agrawal, will not be but generally known as a bitcoin proponent, however has previously proven curiosity within the decentralization of social media networks.
In 2019, he was tasked by the corporate with discovering a lead for a Twitter-funded initiative generally known as Bluesky, which Jack Dorsey mentioned would “develop an open and decentralized customary for social media.”
Agrawal joined Twitter in 2011 as an engineer, and has served as the corporate’s CTO since 2017.
In the meantime, Bret Taylor, Twitter’s new board chair, is the present president and Chief Working Officer (COO) of the key enterprise software program agency Salesforce.
In his letter that introduced the resignation, Dorsey mentioned about Taylor that he’s somebody who “understands entrepreneurship, taking dangers, firms at large scale, know-how, product, and he’s an engineer.”
Taylor commented on cryptocurrencies in 2019 throughout an occasion hosted by the World Blockchain Enterprise Council, the place he said that “the previous decade has been very fascinating for blockchain applied sciences and cryptocurrencies.”
“Blockchain is a perfect know-how to carry buyer worth that spans a number of firms and a number of organizations,” Taylor mentioned on the time.
____
Reactions:
______
– Twitter Launches Twitter Crypto: Right here’s How the Firm Acquired There
– Twitter Presents Sneak Peek Behind Upcoming NFT Integration Design
– Tweet and Get Bitcoin – Twitter Permits BTC Suggestions Over Lightning Community
– Trump vs. Twitter Battle Reignites Social Media Decentralization Imaginative and prescient
– Ethereum Founder Skeptical of Dorsey, Zuckerberg’s Plans
– Dorsey Justifies His Professional-Bitcoin Stance, Says He Is ‘Not Trolling’ Ethereum
– Why Jack Dorsey’s Sq. Paid USD 29B for Afterpay
– Twitter’s Bluesky Finds New Lead, Sq. Constructing the Bitcoin Pockets Staff
– This is What Everybody Missed in The Dorsey, Musk, and Wooden Bitcoin Discuss
– Jay-Z & Jack Dorsey Give BTC 500 for Bitcoin Growth, New India Ban Rumors Emerge
___
(Up to date at 15:48 with a report from Bloomberg TV. Up to date at 15:55 UTC with a remark from Jack Dorsey. Up to date at 16:39 UTC with extra particulars in regards to the new CEO and the chairman of the board. (Up to date at 17:09 UTC with further particulars from Dorsey’s letter.)
