Hours after rumors emerged about Jack Dorsey stepping down as Twitter Head, the two-time CEO has confirmed the speculations and has finally agreed to leave the post. Dorsey has named Parag Agrawal, the former CTO, as his successor.
Agrawal has worked for Twitter for ten years and has been a member of the board. Speaking of his new appointment, Agrawal appreciated the board, most especially Jack Dorsey for their confidence in his leadership and renewed support and mentorship.
Agrawal stated that he looked forward to building on everything that Dorsey and the team has accomplished, adding that he is energized by the opportunities ahead.
Dorsey Will Remain as Board Member
Despite resigning his position as CEO, Dorsey will remain a board member until the expiration of his tenure in 2022. Aside from Agrawal being elevated to the position of the CEO, Twitter also replaced the current Board Chairman Bret Taylor with Patrick Pichette.
Speaking of his resignation, Dorsey disclosed that his decision to leave the company as the CEO is born out of his love for the company. He believes the company is more than ready to move on from its founders.
Dorsey also revealed that he believes Parag is capable of leading the company, citing his work ethics and experience in the last ten years have been incredible. The former Twitter CEO expresses gratitude for his skill, heart, and soul.
Since founding Twitter in 2006, Dorsey has headed the social media giant two times between 2006 – 2008 and 2015 – 2021. Agrawal is believed to be a key player in Twitter’s goal to go decentralized. The current CEO once led a team for Bluesky.
Dorsey’s New Agenda
Shortly after the rumors of his resignation, which have been confirmed true, speculations emerged that Jack Dorsey will focus on Square’s new project tbDEX. tbDEX is a decentralized, permissionless exchange for Bitcoin transactions.
Dorsey first announced the intention to build a decentralized, non-custodial exchange in July with a focus on trading BTC. Project lead Mike Brock stated that tbDEX will make it easy for users to fund their non-custodial wallets from anywhere in the world.
Dorsey confirmed that the new Bitcoin-focused, permissionless, and open-source exchange will slightly be less decentralized than other regular DEXs, given that the platform will rely on a trusted model. The exchange would be in compliance with AML regulations.
The TBD project emerged after Square announced its open-source Bitcoin hardware wallet exploration. Jack Dorsey will now tow a new path in the crypto industry, different from the regulars.
Dorsey might not be the only social media platform CEO leaving the realm of affairs for another venture. Facebook’s Mark Zuckerberg may also resign his post as CEO should he declare full focus on developing the Metaverse, his new ambitious project.
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