It’s official: Twitter co-founder Jack Dorsey has resigned as CEO of the company
not sure anyone has heard but,
I resigned from Twitter pic.twitter.com/G5tUkSSxkl
— jack⚡️ (@jack) November 29, 2021
Jack Dorsey co-founded Twitter in 2006 with Noah Glass, Biz Stone and Evan Williams, but has always been the company’s CEO and most famous face.
He was previously replaced in this role by Evan Williams, between 2008 and 2010, and then by Dick Costolo from 2010 to 2015. The new CEO is Parag Agrawal, previously CTO (Chief Technology Officer).
It is worth noting that only 20 days ago, the new CEO welcomed the new head of the company’s crypto division.
Super excited to welcome @_tessr to lead our Crypto engineering team. More about this team 👇 https://t.co/2PK7nXLJKd
— Parag Agrawal (@paraga) November 10, 2021
In light of this, it is possible to say that probably not much should change as far as Twitter’s involvement in crypto is concerned. Indeed, Dorsey will now have more time to devote to his Bitcoin-related projects, such as the decentralized exchange tbDEX.
We made a white paper. https://t.co/ffvYGjQQ7T
— TBD (@TBD54566975) November 19, 2021
Dorsey said goodbye to Twitter in a letter sent to the company’s entire team, in which he said that after almost 16 years of having a role in the company, it was time for him to leave.
It is worth mentioning that Dorsey is also co-founder of Square, a company where he retains the role of president and CEO.
The reasons for which he decided to leave Twitter are personal, according to his statements, but it is possible that they also have something to do with the company’s economic and financial performance.
In fact, the stock opened up a significant 11% today, but then returned to Friday’s closing levels.
The current price level is close to the annual lows of mid-January, and more or less at the same levels of June 2018. For example, the current price of Meta (formerly Facebook) is 61% higher than it was in June 2018, despite various vicissitudes in recent years.
Given Dorsey’s commitment to the crypto sector, and in particular to Bitcoin, it is to be expected that part of his free time will now be devoted to Bitcoin-related projects. His net worth is estimated to be almost $12 billion, which means he can also afford to work on non-profit or long-term projects.
He is still Twitter’s largest shareholder to date.