- Through his Twitter account Jack Dorsey founder and now former CEO of Twitter released his resignation letter from his position on the social network.
- Many people began to speculate that Dorsey decided to move away from Twitter in order to spend more time on digital assets, in particular Bitcoin and its Square digital payments platform.
Jack Dorsey, the now former CEO of Twitter, created great commotion on the morning of November 29, when he put an end to the rumors on the network, noting that dhe left his position in the social network, which he occupied for the second time since 2015.
Through a letter shared on Twitter (where else) Dorsey gave the reasons for his departure, in addition to indicating that he fully trusts other members of the team that makes up Twitter to bring the company to fruition without his presence.
Does Dorsey want to focus on crypto?
The news was a success, and despite not having mentioned crypto assets anywhere, many people in social networks they began to speculate that Dorsey actually decided to move away from Twitter so that he could spend more time on digital assets, and in particular, Bitcoin.
The same was seen last July with the richest man in the world, Jeff Bezos, who stopped being CEO of Amazon, a company he founded 27 years ago, to focus his interests on other of his companies, such as Blue Origin or the newspaper The Washington Post.
Following the trend of speculation that Dorsey wants to focus more of his time and efforts on cryptocurrencies, this could become a reality through his financial services and digital payments company Square, which he founded in 2009 together with Jim McKelvey and where he continues to be. Executive Director.
Likewise, according to the editor of the specialized portal TechCrunch, this option may be feasible, because Square, which is developing a Bitcoin Wallet, is currently better positioned than Twitter to take the lead on Web 3.
Will Twitter say goodbye to crypto?
It should be noted that many people on social networks have also pointed out that, with the departure of Jack, Twitter could move away from the newly created crypto environment on its platform such as tips with Bitcoin and plans for the integration of non-fungible tokens.
This is also a valid argument, based on market reaction, as Twitter’s share price soared more than 10 percent on November 29, an exceptional reaction to the resignation of a CEO. long time. However, the shares once again tended to the downside as they have been in recent days.
The market rebound did not happen simply because it was a vote on the pro-Bitcoin positions of the now. former Twitter CEO, but rather It was a clear answer due to the frustration that many investors have large caliber, who have repeatedly pointed out that Dorsey was lacking in focus, causing the platform to underperform.
That said, there is a possibility that incoming CEO Parag Agrawal will cut back on Twitter’s crypto efforts, or even just disappear them. However, not all netizens agree with such an idea, as Agarwal previously served as the firm’s CTO, in addition to having headed one of its flagship crypto projects known as Bluesky.
Finally, other users of social networks have emphasized the comments made in Dorsey’s letter, in which noted that it is necessary for Twitter to separate itself from “its founders”, in addition to mentioning that a company “must stand on its own, free from the influence or direction of its founder”. These ideologies are very congruent with the spirit of decentralization of the Web 3Although, at the moment, it is difficult to distinguish what this will mean verbatim for Twitter, Square and Dorsey himself.
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