Jack Dorsey leaves Twitter

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Twitter CTO Parag Agrawal took over the company by unanimous board decision after Jack Dorsey stepped down as CEO. This is stated in a Twitter press release.

“I decided to leave Twitter because I think the company is ready to move away from its founders. I strongly believe in Paraga as the CEO of Twitter, ”said Dorsey.

Dorsey is known as an active supporter of Bitcoin. Previously, he called BTC the Internet’s own currency and said that he would devote himself entirely to cryptocurrency if necessary. Dorsey is developing Bitcoin-related projects on the basis of payment company Square: she recently submitted a white paper of the planned decentralized exchange. Dorsey will continue to work at Square, the company confirmed.

Agrawal has been heavily involved in Twitter initiatives related to decentralization and Web3, but unlike Dorsey, he has not been particularly interested in Bitcoin. More recently, Twitter has been supporting the ability to include bitcoin addresses in profiles for sending transactions, and is also working on adding non-fungible token (NFT) authentication.

Elliott Management, which owns a large stake in Twitter, sought Dorsey’s resignation last year, but then a compromise was reached. Dorsey will remain on the board until the end of his term in 2022.

After the announcement, Twitter shares jumped more than 11% at the open markets.

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