Jack Dorsey

Bitcoin advocate Jack Dorsey steps down as Twitter CEO

TL;DR Breakdown

  • Jack Dorsey steps down as Bitcoin CEO.
  • Dorsey as Twitter CEO was and still remains a Bitcoin advocate.
  • Dorsey says he is leaving Twitter because firm is ready to move on from its founder.

Frontline Bitcoin advocate Jack Dorsey, founder and Chief Executive Officer (CEO) of microblogging platform, Twitter has said he would be resigning from the firm.

His resignation comes 16 years after actively being involved in running the company in different capacities. Parag Agrawal, Twitter’s former CTO, will take over as CEO.

In a resignation letter shared on Twitter, Dorsey wrote, “after almost 16 years of having a role at our company…from co-founder to CEO to exec chair to interim-CEO to CEO…I decided it’s finally time to leave.”

Jack Dorsey and Twitter

The CEO founded Twitter in 2006 and served as the company’s CEO until 2008 before being forced out of the role. He returned for a second stint in 2015 after former CEO Dick Costolo resigned.

Last year, Dorsey faced certain challenges as CEO as stakeholder, Elliott Management sought to oust him from the role last year as it questioned the validity of him running two public companies at the same time. A deal with Twitter’s management was eventually reached, allowing Dorsey to extend his stay at the company.

Dorsey and his love for Bitcoin

The Twitter CEO is a vocal Bitcoin advocate who is always ready to defend the digital asset anytime and speak about it anywhere.

His love for Bitcoin made him integrate Bitcoin buying on Square, a peer-to-peer payment platform where he is also the CEO.

Square is also creating a range of tools for developers working on financial services products, including a Bitcoin hardware wallet.

Under his watch as Twitter CEO, the social media platform employed a Twitter crypto team mandated to explore decentralized apps with the ultimate goal to explore the possibility of incorporating decentralized technologies into the platform products and infrastructure.

Why is Jack Dorsey leaving Twitter

Dorsey, in his statement, said he decided to leave Twitter because he feels the firm is now ready to move in from its founders.

“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in a statement.