Jack Dorsey, Twitter's CEO, and co-founder has stepped down from his post as CEO, according to an announcement on Monday morning. Dorsey said he decided to step down because Twitter is "ready to move on" without him.

Aside from running Twitter, Dorsey is also CEO of Square, a digital payment company that he runs alongside Twitter.

On Tuesday, Dorsey shared his resignation letter on Twitter, writing that after almost 16 years at the company as a co-founder, CEO, executive chair, interim-CEO, and CEO, he had decided that it was time to move on.

Parag Agrawal, the former CTO of Twitter, is the new CEO. Dorsey will continue on Twitter's board of advisors.

Elliott Management sought to terminate Dorsey from the position last year after questioning his legitimacy to run two publicly traded companies at once.

Dorsey is a staunch supporter of Bitcoin, which began with Square's first purchase of Bitcoin for its treasury last year.

The entrepreneur has long been a fan of bitcoin, attributing his "passion" for the world's largest cryptocurrency to its role as a "foundational internet technology that is independent of any single person or entity."

During a conference earlier this year, Dorsey told a crowd that if he weren't at Square or Twitter, he would be working on bitcoin. Square has been making a lot of effort to support bitcoin.

Dorsey also pushed for decentralization of the workplace in the aftermath of the Covid-19 pandemic. Twitter was one of the first companies to offer their employees the opportunity to work from home indefinitely.

Also Read | El Salvador introduced a No tax policy for foreign investors on bitcoin-related profits

Square has also increased the number of crypto-related projects this year. In July, the company announced that it would build a new business focused on developing decentralized finance (DeFi) applications for bitcoin.

In October, Square's CEO said the company might enter the bitcoin mining business. Earlier this month, Square announced plans to build its own decentralized cryptocurrency exchange, tbDEX. In addition, the payments company has announced plans to build a hardware wallet to expand bitcoin custody.

Pavan A

CBW - External Analyst

INDIA