Twitter's New CEO Parag Agrawal taking over as former Twitter CEO Jack Dorsey stepped down


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.
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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