Jack Dorsey resigns from Twitter CEO, Binance CEO welcomes

Crypto fan and Twitter CEO Jack Dorsey announced that he has resigned from his position at the social media giant.
Crypto fan and Twitter CEO Jack Dorsey announced that he has resigned from his position at the social media giant.

Crypto fan and Twitter CEO Jack Dorsey announced that he has resigned from his position at the social media giant after serving for over six years.

Dorsey tweeted this Monday to his 5.9 million followers that he has stepped down as the CEO of Twitter, which was co-founded by him in 2006. He further disclosed that Twitter’s board of directors has appointed Parag Agrawal, the company’s chief technology officer and board member, as the new CEO replacing Dorsey’s position starting November 29.

The former CEO said that he had taken the decision after the board’s approval of Agarwal, along with board member Bret Taylor agreeing to serve as the new chair. This will also bring upward mobility or promotion to other Twitter team members.

Dorsey shared his email to the Twitter team, which states:

“I believe it’s really important to give Parag the space he needs to lead. I believe it’s critical that a company can stand on its own, free of its founder’s influence or direction.”

Binance CEO welcomes Dorsey’s decision

Known for his active involvement in the crypto industry, Dorsey is also the CEO of the financial payments company Square. As TheCoinRise reported, in October, he said that the company is planning to build an open-source Bitcoin mining hardware.

The crypto exchange Binance CEO, Chnagpeng Zhao or CZ, greeted Dorsey’s decision and added,” Welcome to full-time crypto?”

As we reported, on November 19, Square published the whitepaper of the decentralized exchange project, tbDEX detailing its design of a message protocol to facilitate true relationships with no interference of the federation to control access. Despite Dorsey using the platform for making announcements for the exchange, there are no reports of his major involvement in the project as of now.

The Twitter co-founder has served as the company’s CEO from 2006 to 2008 and later after the departure of Dick Costolo from 2015 till now. It is unclear if he plans to leave Twitter to focus on the functioning of Square and the platform’s plans to develop a decentralized Bitcoin exchange.