Jack Dorsey, the co-founder and CEO of Twitter, said on Monday that he is stepping down from his role at the company. He said he wanted to focus on building a platform that can break away from its founding members.
In a statement, he confirmed that Parag Agrawal will become the CEO of Twitter, while Bret Taylor will become the board chair.
Twitter’s stock was halted by the New York Stock Market due to a news announcement that the company would make. Before the stock market was opened, its price was up 3.42%.
Jack Dorsey, the CEO of Twitter and Square, is known as an advocate of Bitcoin. He said during a conference in June that he would work on Bitcoin if he wasn’t working for either of his companies.
The new Twitter CEO has been revealed to be Parag Agrawal. Agrawal is not yet known as an avid bitcoin proponent. Agrawal has been working for Twitter as the company’s CTO for over 10 years, starting his role in 2011.
In 2019, he was tasked with finding a lead for the company’s Bluesky initiative, which Jack Dorsey said is aimed at developing an open and decentralized platform for social media.
In his letter to his former co-workers, Jack Dorsey said that Taylor is someone who understands entrepreneurship, is capable of taking on massive risks, and is an engineer. This could mean that big things are coming for Twitter in relation to crypto initiatives.
Taylor has recently commented on cryptocurrencies during an event hosted by the Global Blockchain Business Council, where he said that “the past decade has been very interesting for blockchain technologies and cryptocurrencies.”
The Twitter Board Chair then added, “Blockchain is an ideal technology to bring customer value that spans multiple companies and multiple organizations.”
