logo

Jack Dorsey to stay as Twitter CEO: Good for Bitcoin

Jack Dorsey to stay as Twitter CEO Good for Bitcoin

Twitter has come to an agreement with investor Elliott Management, in which Jack Dorsey keeps his position as Twitter’s CEO. The move can be considered as a huge win for Bitcoin and the crypto community as CEO Jack Dorsey is a great advocate of digital assets and one of its most notable supporter.

Jack Dorsey to remain as Twitter CEO

As per the agreement, Jesse Cohn, the head of US activism at Elliott Management, is to immediately join the company’s management board. His appointment will be accompanied by the appointment of Silver Lake’s co-chief executive, Egon Durban. Meanwhile, a third independent director is to be appointed at a later date.

The board would also form a committee to assess a succession plan with Jack Dorsey and would advise regarding the company’s administration. One of the committee’s aim is to remove the staggered board while details related to the committee’s findings will be shared at a later date.

Silver Lake would also invest one billion dollars in the company which would be used by Twitter to initiate its first-ever share buyback with an aim of $2 billion. 

What’s in it for Bitcoin?

Jack Dorsey has been a strong advocate of Bitcoin and has helped the asset with his company Square. Square’s Cash App enables people to buy and hold Bitcoin in one of the simplest ways out there.

Moreover, Twitter funds a team of developers dedicated to developing the Bitcoin ecosystem. With Dorsey as the CEO of Twitter, the platform has a positive outlook towards crypto, while his removal might mean lower adoption of Bitcoin. 

Featured image by pixabay.

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

Related News

Hot Stories

Cardano price analysis: ADA falls flat to decline below $0.55 support
Bitcoin price analysis: Consolidation tests bulls as BTC remains below $24k
Dogecoin price analysis: DOGE swiftly drops 10 percent, higher local low set?
Aave price analysis: AAVE/USD prices slip below $104.21 as market conditions turn bearish
Why learn blockchain, Defi, and crypto technology at a top university?

Follow Us

Industry News

Why learn blockchain, Defi, and crypto technology at a top university?
Best Twitter thread of the day - August 17th
Top tweets of the day - August 17th
New York Court rules in favor of Celsius Network to sell mined Bitcoin. More sell pressure?
All you need to know about Dogechain, an L2 DeFi solution for DOGE users