With Dorsey stepping down, many are speculating that he will focus full-time on his crypto projects.
Jack Dorsey has resigned as Twitter's CEO — fueling speculation he will devote his attention to Bitcoin.
Back in June, the social network's co-founder had told the Bitcoin 2022 conference in Miami:
"If I were not at Square or Twitter I'd be working on Bitcoin."
As you'd expect, Dorsey shared news of his departure with a tweet — a screenshot of the email sent to Twitter staff, in which he set out three reasons for his decision.
He began by revealing that chief technology officer Parag Agrawal will be taking over as CEO, and explained:
"He's been my choice for some time given how deeply he understands the company and its needs. Parag has been behind every critical decision that helped turn this company around. He's curious, probing, rational, creative, demanding, self-aware and humble."
Other big moves within the company include Bret Taylor becoming the chair of Twitter's board.
Dorsey argued that he is against "founder-led companies" — describing this as "severely limiting" because it creates a single point of failure. He explained:
"I believe it's really important to give Parag the space he needs to lead. And back to my previous point, I believe it's critical that a company can stand on its own, free of its founder's influence or direction."
The New York Stock Exchange initially didn't know how to process this news. Twitter's stock rose by more than 10% after Monday's announcement, but ultimately closed down 5.63%.
You could also argue that part of Bitcoin's surge yesterday can directly be attributed to Dorsey's announcement.
His enthusiasm for BTC is well-documented. Not only is the hashtag #bitcoin prominent in his Twitter bio, but he was instrumental in ensuring that the social network's users can tip each other using crypto. Over the summer, Dorsey had said that BTC was going to be a big part of Twitter's future — but it remains to be seen whether this will be the case without him at the helm.