Jack Dorsey: Next steps for Twitter’s cofounder

James Clayton
North America technology reporter


Jack Dorsey belongs to Silicon Valley’s eccentrics.

You’d be a fool to think that he wasn’t a well-known character from a film.

He is a passionate believer in the power of technology to bring about peace and global prosperity.

His philosophy is a hippie libertarian. It can be confusing at times. He is also a true tech visionary.

He resigned from Twitter for the second time. He left the social media company he founded the first time and set up Square, the digital payment company that has been wildly popular.

In 2015, he returned to Twitter.

He ran both the companies until Monday, a position that was not well received by many investors.

Elliott Management was a major Twitter investor last year and tried to force him to choose one of the options. The company wanted an executive who spent all their time using Twitter and Twitter only.

This explains in part why Twitter’s share prices didn’t plunge when the iconic leader of their company resigned.

Investors have held the belief for some time that Twitter is dumping money. They believe that Twitter could make a lot of revenue through its engaged users.

It might be helpful for a chief executive to have its sole focus on Twitter.

Twitter is a relative small fish when compared to Facebook or Google.

  • Jack Dorsey Square, Australia’s most expensive buyout
  • Jack Dorsey’s original tweet sold for $2.9 million

Some view Dorsey as responsible for Twitter’s slow growth. An original Twitter user who didn’t believe in monetization and had to help create it.

Dorsey admits that he tried different ways to increase revenue. Dorsey also stated that he aims to reach 315 million users monetizable by 2023 and double the revenue generated in that year.

Twitter did a great job of adding people during the pandemic. However, that goal is very ambitious.

Parag Agrawal, the incoming chief executive will be able to achieve this goal.

Agrawal, an Indian-born chief technology officer has made a strong career. Agrawal has been called a “safe pair of hands” and has a big job ahead.

Agrawal immediately takes over Dorsey’s monetization problems. Twitter is not Facebook. Because it has less data about you than Facebook, advertisers don’t have as much value from the information.

Users can only see so many ads before they stop clicking. It can be difficult to balance high growth and revenue increases if your goals are both high.

Addiction to cryptocurrencies

Dorsey became obsessed with Bitcoin and other cryptocurrencies.

Recently, he had established a crypto team to look at how the company can embrace decentralized apps and digital assets.

Agrawal had the team sit down under him – perhaps an indication that digital currency will be a major part of the chief executive’s plans for growth.

Twitter, however has grown to be deeply political in America. Agrawal is also heir to its moderation problems.

Generally, Democrats argue that the platform isn’t doing enough to remove fake news. Its systems also fail to quickly locate hate speech.

Republicans claim that the platform is biased against conservatives, as shown by Donald Trump’s ban following the Capitol Hill Riots.

Agrawal, who has transformed from relative anonymity into a prominent public figure in a matter of hours, will be called before Congress no sooner than expected.

Already, A tweet he wrote in 2010.Conservatives use this quote from the Daily Show as proof that the chief executive has gone left.

Dorsey sent a goodbye email to his friends, shaming founders for staying too long in the businesses they have created.

It’s important for companies to be founder-led. “Ultimately, I think that’s extremely limiting and a single point for failure,” he wrote.

That statement seemed to target Mark Zuckerberg, Facebook founder. Elon Musk would also agree with Dorsey after publicly declaring that he hates being Tesla’s boss.

This sentiment holds a greater significance. Nearly all of the tech entrepreneurs who made hugely successful businesses – Bill Gates and Sergey Brin, Larry Page and Steve Jobs – were replaced by’safe options. Chief executives that look nothing like their predecessors.

Twitter might also be in dire need of this.

Dorsey’s age is 45. He casually created Square while he was away from Twitter, which is now valued at $100bn.

Dorsey may at times seem like a figure in satire but has earned the right not to be taken seriously.

Source: BBC.com

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