In a stunning development, Twitter (NYSE:) co-founder — Jack Dorsey — announced publicly Monday, via the social media company he founded, that he would be resigning from his position as Chief Executive Officer of the company. Twitter stock prices fell by less than 1 percentage point following the announcement.

According to Dorsey’s statement, Twitter’s Chief Technology Officer Parag Agrawal starts as CEO, effective immediately. In his resignation message, Dorsey stated that he would continue to serve as a director on the Twitter board until May 2022. Further, he stated that he will continue to serve on the board until May 2022. Not stay on as a board member or as the chairman beyond that timeframe to give the new CEO of Twitter “…the space he needs to lead…free of its founder’s influence or direction.” The image of Dorsey’s Twitter message is posted here.

His message opened with the following explanation as to why he believed it’s time to step down from a day-to-day leadership role at Twitter.

“After almost 16 years of having a role at our company….from co-founder to CEO to Chair to Exec Chair to interim-CEO to CEO…I decided it’s finally time for me to leave. Why? There’s a lot of talk about the importance of a company being ‘founder-led.’ Ultimately I believe that’s severely limiting and a single point of failure,”
Dorsey made these remarks in his statement.

He continued to say that he had not been forced to move and that it was his decision.

“I want you all to know that this was my decision and I own it. Of course, it was difficult for me. I love this service and company…and all of you so much. I’m really sad…yet really happy. There aren’t many companies that get to this level. And there aren’t many founders that choose their company over their ego. I know we’ll prove this was the right move,”
stated Dorsey’s note.

This message was sent out to Twitter employees before Dorsey decided to send it out to his 6 million followers. It appears that Dorsey will continue to be Square’s chief executive officer, despite not being mentioned on Twitter.

Dorsey is a vocal supporter of Bitcoin in recent years. He led the initiative that equipped Twitter users to be able to send Bitcoin “tips” fee-free to anyone they follow on the platform. Also, he recently published a whitepaper for Square that laid the foundation for its decentralized Bitcoin exchange. Last June, Dorsey famously said that if he wasn’t running Twitter and Square – he would be working on Bitcoin.

Flipside

• Dorsey was a consistent supporter of Bitcoins and Blockchain. Even though he’s a bit of a Bitcoin maximalist he supports the underlying promise of blockchain and crypto technology to bring about economic equality for all.

Why you should care

Let’s hope he continues to be an advocate for Bitcoin and blockchain. He may take an interest in other alt coins.

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