Jack Dorsey Steps Down as Twitter CEO

The price of Twitter shares shot up by double digits as news broke that the CEO of the social media giant – Jack Dorsey – has decided to quit.

• CNBC reported, and later was confirmed by Jack Dorsey himself on twitter, the breaking news about Jack Dorsey’s decision to step down as the chief executive officer of Twitter.
• The news comes as somewhat of a surprise at the moment, given the support Dorsey had. Last year, reports emerged that Paul Singer – billionaire investor and founder of Elliot Management Corp, wanted to replace Dorsey.
• Shortly after, though, it became clear that he will remain at his position, which was regarded as positive news for Bitcoin supporters since Dorsey is among the most well-known proponents of the primary cryptocurrency.
• In the past, he has repeatedly outlined BTC’s merits and even suggested during the 2021 Bitcoin Conference that he would quit being the CEO of Twitter and Square if BTC needed him, which raises the question of whether he has done precisely that.
• Nevertheless, there will be many questions inside the community about what will happen to the relationship between Twitter and Bitcoin. The social media giant has been highly supportive of the cryptocurrency, including allowing BTC tips.
• Separately, the news about Dorsey’s stepping down as Twitter CEO propelled a price surge for the company’s shares, which opened 10% higher than the last close.