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Jack Dorsey: Step Down from Twitter's CEO Post

Published Wed, Dec 01 2021 05:17 am
by The Silicon Trend



Jack Dorsey: Step Down from Twitter's CEO Post

It is the end of Twitter CEO - Jack Dorsey, as he is stepping down from the post for the second time. After leaving the social media platform in 2009, he developed a digital payment firm - Square, which became widely popular. He came back to the social media firm in 2015. Until the resignation. Dorsey was running for both the firms, a scenario that didn't adjust well with several investors.



Next CEO Successor 

Last year, a prominent Twitter investor - Elliott Management, wanted Dorsey to choose between the two, as the management wished to CEO to contribute time on Twitter alone. To generate more revenue, Dorsey has tried different experimental ways. For example, he publicized an aim of 315Mn monetizable users by 2023 end with a doubled revenue.

The media giant has done well in adding people during Covid-19, and the present successor - Parag Agrawal, has the same vision. However, when you compare Twitter to Facebook or Google, it's a relative minnow as Twitter holds little data about us, and therefore the information isn't as valuable to adverts.



Crypto Obsessions

Dorsey recently became obsessed with Bitcoin. He set up a crypto team to welcome digital assets and decentralized apps. The group was to be controlled by Agrawal for digital currency to play a vital role in the new CEO's vision for the firm's enhancement. However, the social media giant has become political in America, and democrats argue that the giant has not done enough to take the fake news down.

Republicans argue that Twitter shows bias regarding the Capitol Hill riots. In 2010, a tweet was circulated that few conservatives used as proof regarding the new CEO to be left-leaning. 



Sold 1st Tweets as an NFT

In 2019, The former Twitter CEO said Twitter decided to ban all political adverts, which was done shortly after US presidential election. The reason behind the ban was to keep the credibility. Dorsey sold his 1st tweet as an NFT for over $2.9Mn this year in March. Non-fungible tokens (NFTs) kickstarted their popularity in 2021 and were initially a digital asset. The ownership of the investment can be traced to a public ledger, which is updated in real-time. 





Image Source: Techcrunch