Bitcoin evangelist Jack Dorsey is set to step down as CEO of Twitter

As CNBC reported, Twitter CEO Jack Dorsey is expected to step down. Twitter’s stock opened up 12%, but trading was halted shortly afterward.


Twitter CEO Jack Dorsey

Jack Dorsey will no longer be at the helm of Twitter

Dorsey, 45, is currently the CEO of Twitter and Square, a digital payments company. This is Dorsey’s second time serving as Twitter’s CEO. He co-founded the highly influential social media company in 2006 and became its first CEO. In 2008, co-founder Evan Williams became Twitter’s new boss after Dorsey stepped down and became chairman of the board.

In 2010, businessman Dick Costolo took over Williams, and Dorsey quit Twitter to focus on other business ventures. In 2013, Twitter became a publicly-traded company. Dorsey became a billionaire within hours of the social media giant’s initial public offering (IPO).

He returned as CEO in 2015. Twitter has been embroiled in controversies on the social network, especially during Donald Trump’s presidency. Trump was permanently banned from the platform this year.

Dorsey’s tenure as CEO has been questioned by investors since he co-founded Square in 2009. Square’s stock price also rose 4% when the market opened but has since remained flat. Payments app Square has been allowing users to buy and sell Bitcoin since 2018.

“If I were not at Square or Twitter, I’d be working on bitcoin. If it (bitcoin) needed more help than Square and Twitter, I’d leave them for bitcoin. But I believe both companies have a role to play. I think anything that we can do as companies to help find the right intersection between a corporate narrative and a community open narrative is for the best”, in July, Dorsey said that he would be willing to leave both of his companies to focus entirely on Bitcoin.

It’s unclear who will run Twitter after Dorsey, who has faced criticism from shareholders for juggling the two companies. However, he has reached an agreement with the board of directors on the billionaire’s successor.

Dorsey tweeted that he loves Twitter just a day before the CNBC report.

Shares of the company rose more than 12% in pre-market trading.

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