On November 29, 2021, the American channel CNBC reported that Jack Dorsey, the founder and CEO of Twitter, stepped down from his position. This news caused a sharp jump in Twitter’s stock prices (by 11%). After a few hours, the stock price returned to its previous level. What happened and why, let financiers guess. The important thing here is the fact of Jack Dorsey’s departure from the post.
Twitter Without Its Founder – New Problems for the Social Network
The core issue is that Jack Dorsey was already ousted in 2008. The board of directors made this decision against the founder’s will. It ended very badly. By 2015, the social network Twitter had lost followers, leading to a financial crisis within the company.
Amidst all these problems, Jack Dorsey returned to the company. By 2018, he had restored Twitter’s ranking as one of the top social networks for users and businesses. Apparently, someone in the company once again decided they could manage without the founder.
By the way, Jack Dorsey is the most well-known supporter of Bitcoin and cryptocurrencies. He promotes the idea that digital currency will become the only currency for the whole world in the future and will eliminate paper banknotes worldwide.
Many compare Jack Dorsey to Elon Musk, who supports this theory. However, unlike Musk, Dorsey does not give contradictory advice to readers. Musk sometimes urges to buy Bitcoin, then urgently sell it. In this regard, the Twitter founder maintains a consistent opinion: cryptocurrency is the future of all humanity.
