And so, there he goes. Bitcoin “cheerleader” Jack Dorsey is out from the Twitter board.
The former Twitter CEO resigned from the company’s board of directors on Thursday, effective immediately, barely weeks after having played a significant part in the company’s acquisition by Elon Musk.
At a time when Musk’s $44 billion buyout of the platform is still up in the air, the move comes on the day of Twitter’s annual shareholder meeting.
Twitter’s stock price rose 3.2% the day before Dorsey quit the board. Meanwhile, in the aftermath of a fresh U.S. Securities and Exchange Commission filing disclosing revisions to Musk’s strategy to acquiring Twitter, shares of the company are surging in after-hours trading on the NASDAQ, Thursday.
Jack Dorsey is out as member of the Twitter board (Know Techie).
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Dorsey has officially severed ties with the social media behemoth he co-founded in 2006. Since 2007, he has served as a director, and from mid-2015 until his resignation last year, he served as Twitter’s CEO.
The Bitcoin endorser Dorsey had already begun to extricate himself from the company in order to concentrate on the financial services and digital payments company Block, formerly Square.
The news of Dorsey’s departure doesn’t come as a surprise. Twitter stated in a press statement that he will “remain a member of the Board until his term ends at the 2022 annual meeting of stockholders” when it was announced in November of last year that he was stepping down and being replaced by Parag Agrawal.
Dorsey’s exit marks the first time in Twitter’s history that none of its co-founders are still employed by the firm or are board members, multiple news sources disclose.
On Thursday, Twitter shareholders voted on a variety of topics, but they paid little attention to the most significant change facing the San Francisco-based company: a potential takeover by SpaceX and Tesla CEO Elon Musk.
BTC total market cap at $550 billion on the daily chart | Source: TradingView.com
During the shareholder meeting, Twitter’s board voted to remove board member and Musk supporter Egon Durban, CEO of private equity firm Silver Lake — the most recent turn in a corporate reorganization as turbulent and erratic as the company’s founder.
The shareholder vote on whether to approve the takeover will occur on a date that has not yet been specified.
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Dorsey is one of Bitcoin’s biggest advocates, declaring earlier this year at the Bitcoin 2021 conference in Miami that the cryptocurrency “changes everything” for him and that “I don’t think there’s anything more important in my lifetime to work on, and there’s nothing more empowering for people around the world.”
The Block CEO has made significant Bitcoin investments. Bitcoin Magazine reported in October that the company possessed roughly 8,027 Bitcoins. That would equate to a current market value of $442 million for these assets.
Featured image from Fox Business, chart from TradingView.com
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