TWITTER boss Jack Dorsey is stepping down – but why, and where is he going?
Here’s what we know so far, including the Twitter founder’s Bitcoin dreams.
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Why is Jack Dorsey quitting Twitter?
On Monday morning, CNBC reported that Dorsey was stepping down from his role as Twitter CEO.
This was later confirmed by Dorsey as a resignation.
Dorsey, 45, co-founded Twitter in 2006 and was the company’s first SEO.
He transitioned to chairman-of-the-board in 2008, before returning as executive chairman in 2011.
In 2015 he became interim CEO, before moving to a permanent CEO position in just a few months.
His time as CEO has been turbulent.
He’s fast significant backlash over hate speech and harassment on the platform.
The billionaire was nearly forced out by a Twitter stakeholder over poor corporate growth.
Twitter is significantly smaller than rival firm Facebook – and is under significant pressure to grow.
The app has a number of key changes in recent years, including expanding the size of tweets, and adding audio chat rooms to the app.
It’s unclear if the departure is on bad terms.
But in a statement, Dorsey said that he resigned of his own accord.
He wrote: “There’s a lot of talk about the importance of a company being ‘founder-led’.
“Ultimately I believe that’s severely limiting and a single point of failure.
“I’ve worked hard to ensure this company can break away from its founding and founders.”
He went on: “I want you all to know that this was my decision and I own it.
“It was a tough one for me, of course. I love this service and company, and all of you so much.
“I’m really sad, yet really happy. There aren’t many companies that get to this level.
“And there aren’t many founders that choose their company over their own ego. I know we’ll prove this was the right move.”
Jack’s latest tweet prior to his departure statement – posted one day earlier – reads: “I love twitter”
Dorsey explained that he wanted colleague and former CTO Parag Agrawal to become the CEO.
He also said that he wants Twitter to change for the better after his departure.
We’ve asked Twitter for comment and will update this story with any response.
Where is Jack Dorsey going after Twitter?
Dorsey hasn’t confirmed anything yet, so it’s unclear whether the Twitter boss will go next.
The tech titan is still CEO of payments firm Square, which is worth around $100billion on the stock market.
He’s been involved in philanthropy, and has significant interests in cryptocurrency.
Is Jack Dorsey leaving Twitter for Bitcoin?
Many speculate that Dorsey may be leaving Twitter to focus on Bitcoin and other cryptocurrencies.
The San Francisco resident’s Twitter bio has long contained just one word: Bitcoin.
And earlier this month, Dorsey introduced a white paper revealing his decentralised Bitcoin exchange.
The project is named tbDEX, and is being pushed through Dorsey’s other company, Square.
It’s possible that Dorsey wants to focus on his cryptocurrency efforts in the long term.
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Twitter CEO Jack Dorsey ‘set to step down’ after tech giant hit by string of controversies
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This post first appeared on Thesun.co.uk
