Jack Dorsey has resigned from the position of Twitter chief executive officer after serving for more than six years, possibly to focus on the decentralized Bitcoin exchange project tbDEX. Twitter CTO and board member Parag Agrawal has been appointed new CEO by the board members to lead the social media firm starting today.
In a Monday tweet to his 5.9 million followers, Dorsey said he had stepped down as the CEO of social media giant Twitter, which he helped co-found in 2006.
Jack also announced the company’s board of directors had appointed CTO and board member Parag Agrawal to replace Dorsey “starting today.”
Dorsey said his decision to step down was based on the board’s approval of Agrawal, board member Bret Taylor agreeing to be the new chair, and the opportunities for upward mobility for other Twitter team members.
“I believe it’s really important to give Parag the space he needs to lead,” said Dorsey. “I believe it’s critical a company can stand on its own, free of its founder’s influence or direction.”
Dorsey served as Twitter’s CEO from 2006 to 2008 and later from 2015 following the departure of Dick Costolo.
Read Also: Twitter Will Integrate Bitcoin Into Its Existing And New Offerings
It’s unclear if Dorsey plans to leave the social media firm behind to focus on operations at Square and the platform’s initiative to develop a decentralized Bitcoin (BTC) exchange.
On Nov. 19, the Square’s decentralized Bitcoin (BTC) exchange project, called tbDEX, released a white paper detailing its plans to create a message protocol designed to facilitate trust relationships without relying on a federation to control access.
Read Also: TBD Secret Revealed: Square To Build A Decentralized Bitcoin Exchange
Though Dorsey has sometimes used his platform to make announcements for the exchange, there are no reports at the time of publication that he plans to get more involved in the project. In June 2021, during Bitcoin 2021 Miami Jack Dorsey said, “If Bitcoin needed more help than square and twitter, I would leave them for Bitcoin.”
“Bitcoin changes absolutely everything,” Dorsey said during the Bitcoin 2021 Conference. “I don’t think there is anything more important in my lifetime to work on.”