Jack Dorsey, the founder and current head of Twitter, has stepped down from his executive role. Shortly after the news broke, Twitter stock jumped up to $51.8 right before being halted.
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From now on, Dorsey serves as the Chief Executive of Square, a fintech payment company. Twitter CTO, Parag Agrawal, will succeed Dorsey who will remain on its board of directors with Bret Taylor taking over as the new chairman of the board.
Earlier in November, Twitter launched a new initiative focused on embracing the cryptocurrency market. According to Tess Rinearson, who will lead the so-called Twitter Crypto team, the arm is working on the strategy "for the future of crypto at (and on) Twitter."
A spokesperson for Twitter said the social media giant is exploring ways to "incorporate decentralized technologies into our products and infrastructure." In the short term, the team is exploring payments and other options for people creating content to "earn crypto." Other details about the initiative remain undisclosed.
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