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After over 15 years since founding the company, billionaire Bitcoiner Jack Dorsey has announced his resignation as CEO of Twitter. As of today, the social media giant is led by former Chief Technology Officer Parag Agrawal. Meanwhile, Dorsey will serve as a member of the board until about May, before leaving Twitter entirely.
Interestingly, his reasons for leaving are exactly what one would expect to hear from a Bitcoin maximalist.
Freeing Twitter From its Founder’s Influence
Earlier this morning, word of Dorsey’s seemingly abrupt resignation swirled after sources told CNBC he would step down soon. Shortly thereafter, the now-former CEO confirmed the news in an email to Twitter, which he fittingly publicized through a tweet.
“After 16 years of having a role at our company… from co-founder to CEO to Chair to Exec Chair to interim-CEO to CEO… I decided it’s finally time for me to leave.” – Jack Dorsey.
Dorsey outlines why he believes now is the right time to leave the company. Primarily, he is confident in his successor Parag, who the board unanimously appointed to be the new CEO. Parag was named as Twitter’s first distinguished engineer for renewing audience growth in 2016 and 2017, and named CTO in the same year.
However, his fundamental reason for leaving his ethical: “I believe it’s critical that a company can stand on its own, free of its founder’s influence or direction,” he said.
He called himself – as the founder – a “single point of failure” for the company, which is “extremely limiting.” He said he has worked for some time to ensure that his company can break away from its founders.
This rhetoric lines up with what the crypto community tends to admire about Bitcoin. An anonymous figure founded the primary cryptocurrency and abandoned the project without a trace in its early years. This has allowed Bitcoin to remain as decentralized as possible.
More Time to Work on Bitcoin?
Jack Dorsey has made his devotion to Bitcoin extremely clear. With both Twitter and Square, he has launched numerous initiatives to expand the adoption of the Bitcoin network. These include enabling Bitcoin lightning payments through Twitter IOS, and even building a global Bitcoin mining system.
There’s a reasonable chance that Dorsey spends more time on such projects going forwards. At the Bitcoin conference in Miami this June, Dorsey called Bitcoin the most important thing he’d ever work on in his life. He even said he’d leave Twitter and Square if Bitcoin needed him more.