Jack Dorsey to focus on cryptocurrency and charity work after exiting Twitter: Report

Jack Dorsey expressed his desire to leave the company and pursue cryptocurrencies and charitable endeavours, before announcing his resignation as Twitter's CEO, according to the New York Times, on November 29. "Jack recently discussed his desire to leave Twitter and focus on cryptocurrencies and philanthropic activities," according to an anonymous source who informed NYT. According to several other reports, Dorsey will focus more on Square, the payments company he co-founded and led.

On Monday, Twitter CEO Jack Dorsey announced his resignation as Twitter's CEO. The company's co-founder will be replaced by Parag Agrawal, who previously served as chief technology officer of the social media giant.

According to the Washington Post, a change in management is unlikely to change the company's course in the near future, with current CEO Parag Agrawal said to share his predecessor's ideas. He is particularly supportive of the concept of "decentralisation," which means that the next generation of Internet technologies will not be controlled by a single company. Dorsey has reportedly been shifting away from direct management in recent years, opening up more opportunities for other top executives.

Dorsey resigned out of his own 'free will'

In a statement on Monday, Dorsey asserted that he resigned of his own free will. Dorsey stated that he wanted former CTO and colleague Parag Agrawal to take over as CEO. He also stated that he wishes for Twitter to improve after his departure. The tech titan is still the CEO of payments company Square, which is valued at around $100 billion on the stock market.

His interest in cryptocurrency is reflected in his Twitter bio, which has long been limited to one word: Bitcoin. Dorsey also unveiled a white paper revealing his decentralised Bitcoin exchange earlier this month. The project is called tbDEX, and it is being promoted by Dorsey's other company, Square. Jake Dorsey also has a background in philanthropy.

Dorsey, 45, was the company's first SEO when he co-founded Twitter in 2006. He became chairman of the board in 2008 before returning to the position of executive chairman in 2011. In 2015, he was named interim CEO before being named permanent CEO a few months later. He is facing a significant backlash as a result of hate speech and harassment on the platform, according to various media reports.

(With inputs from agencies)

Image: AP