Jack Dorsey Going All-In on Bitcoin After Resignation from Twitter?

Running a public company is challenging enough but up until yesterday, Jack Dorsey was running two – Twitter and Square. After resigning from Twitter with immediate effect, the platform he helped create was abuzz with rumours as to what he had planned next.

https://twitter.com/pierce/status/1465351867173589009

Dorsey Leaves the Company He Created

In a tweet characteristic of his laid-back and often understated approach to doing business, he elected to make his resignation email public to the broader community:

not sure anyone has heard but,

I resigned from Twitter pic.twitter.com/G5tUkSSxkl

— jack (@jack) November 29, 2021

Dorsey noted that he felt that being “founder-led” was “severely limiting and a single point of failure”. Parag Agrawal, a former engineer who had worked his way up the ranks over the past 10 years to become CTO, became CEO with immediate effect.

Aside from stepping away from operations, Dorsey also committed to resign from the board to “give Parag the space he needs to lead”.

I’ve decided to leave Twitter because I believe the company is ready to move on from its founders. My trust in Parag as Twitter’s CEO is deep. His work over the past 10 years has been transformational. I’m deeply grateful for his skill, heart, and soul. It’s his time to lead.

Jack Dorsey

Speculation as to Dorsey’s Plans

It has been well-known that Dorsey is a massive advocate for Bitcoin, having uttered the now-famous words at the Bitcoin 2021 conference: “I don’t think there is anything more important in my lifetime to work on”.

From running his own Bitcoin node to rolling out Bitcoin tips on Twitter, to putting Bitcoin on Square’s balance sheet and investing in solar-powered Bitcoin mining, Dorsey is clearly inspired by Bitcoin and its potential to drive change in the world.

Despite this, some have speculated that Dorsey is looking to move into the Web 3.0 space, particularly in light of Twitter’s recent “Blue Sky” decentralised social media project.

https://twitter.com/panzer/status/1465350740365299716?ref_src=twsrc%5Etfw

Others, however, reckon it’s pretty obvious that he will be working on Bitcoin-related projects and initiatives:

Not surprised that Jack Dorsey will spend more time on Bitcoin. He is very familiar with products that have no revenue.

— John W. Rich (Wealthy) (@Cokedupoptions) November 30, 2021

Whatever the case may be, Bitcoin or crypto, the common thread seems to be that Dorsey’s central mission has now shifted towards decentralisation – whether that is of money, applications, or the internet itself.