Daily Column – 30th November 2021

Yesterday, Jack Dorsey announced that he was stepping down as the company’s CEO after eight years of seeing brands harass random people on Twitter. Parag Agrawal, Twitter’s current Chief Technology Officer, has been given the keys to the birdcage.

Background information in 300 characters or less: Dorsey cofounded Twitter in 2006 and served as the site’s original CEO until being promoted to chairman in 2008. Tweeter has become profitable since he returned to the office of CEO in 2015, and it has established itself as the world’s digital watercooler for culture and politics. However, due to a lack of product innovation and (some believe) poor management, it is still considered a kid at the social media kids table.

As a result of Dorsey’s most recent tenure, the stock of Twitter increased by 67 percent, while the stock of Meta (previously Facebook) increased by 260 percent. In addition, Twitter generated only $3.7 billion in income last year, whereas Meta generated about $86 billion in sales.

The CEO of Twitter, Jack Dorsey, announced his resignation in a letter to the company’s employees, stating that he believes the firm is ready to move on from its founders. However, it’s important mentioning that Dorsey will continue to serve as the CEO of another firm he cofounded, the payments giant Square. Since 2015, he’s been serving as CEO of both Square and Twitter at the same time.

Is Jack Dorsey entering the Cryptocurrency space?

We can’t say for sure but Dorsey is all for being decentralised. Jack Dorsey has declared his unwavering support for bitcoin on multiple occasions, even claiming that it has the potential to bring about world peace at one point. Some observers believe that Dorsey’s departure is primarily motivated by the need to free up time for Square to make significant cryptocurrency investments. Keeping in mind the value proposition of Square and Dorsey’s strong conviction with respect to cryptocurrency, it very well could be a great move for the company as well as a huge endorsement for the somewhat controversial currency.

This year, Square began enabling bitcoin trading through its Cash App, established an autonomous team to support bitcoin open-source development in 2019, and said in July that it will launch a new firm to develop decentralised finance (DeFi) applications for bitcoin.
Cryptocurrency may possibly play an important role in Twitter’s future plans. Machine-learning and artificial intelligence expert Agrawal has been in charge of the Bluesky project at Facebook, which aims to establish a “decentralised standard” for social media. And it appears that he has only ever had great airport encounters, as evidenced by his tweeting only ten times this year.

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