Bitcoin proponent Jack Dorsey steps down as Twitter CEO : Bitcoin evangelist Jack Dorsey is set to step down as chief executive officer of Twitter, CNBC reports, citing an unnamed source. He co-founded the highly influential social media company in 2006 and became its first CEO, spearheading the microblogging movement.
Jack Dorsey resigns as Twitter CEO, Parag Agrawal is Twitter's new CEO, replacing longtime chief executive and co-founder Jack Dorsey
In 2008, after Dorsey stepped down and became chairman of the board, co-founder Evan Williams became Twitter s new boss.
In 2010, businessman Dick Costolo took the reins from Williams, and Dorsey took a break from Twitter to focus on other ventures.
In 2013, Twitter became a publicly traded company. Dorsey became a billionaire just hours after the social media giant launched its initial public offering (IPO).
Dorsey returned as CEO of the company in 2015, replacing businessman Costolo, who had served as CEO of Twitter from 2010 to 2015.
In March 2020, Paul Singer, the founder of Elliott Management, tried to oust Dorsey, but the attempt failed.
Dorsey is known as one of the most ardent supporters of the flagship cryptocurrency. His Twitter bio says only one word: #Bitcoin.
Under Dorsey s watch, the social media platform implemented a bitcoin tipping service operated by the Lightning Network.
This isn t the only CEOship that Dorsey has. He s also at the helm of payments company Square, whose business relies largely on bitcoin.
Cash App generated $1.82 billion in bitcoin revenue in the third quarter of 2018.
In July, Dorsey said he would be ready to leave both of his companies to focus entirely on bitcoin:
Dorsey s successor
It is unclear who will be at the helm of Twitter after Dorsey, which has faced criticism from shareholders for juggling with the two companies. However, he has already reached an agreement with the board of directors regarding the billionaire s successor.
Dorsey tweeted that he was in love with Twitter just a day before CNBC s bombshell report.