Jack Dorsey’s Twitter Departure Hints at Big Tech’s Restlessness – World News

Jack Dorsey’s Twitter Departure Hints at Big Tech’s Restlessness

“I don’t think there’s anything more important in my lifetime to work on, and I don’t think there’s anything else the world is capable of,” he said. told the audience At a bitcoin conference in Miami in June.

Mr. Dorsey, whose auricular beard and bizarre wellness routine has made him a cult figure in Silicon Valley, becoming a crypto influencer in recent months. bitcoin fan celebrated his resignation on Monday, assuming that he would spend his newfound free time advocating their cause. (A more likely scenario is that he will continue to pursue crypto projects on Square, where he already started construction A decentralized finance business.)

Mr. Dorsey didn’t respond to a request for comment, so I can’t be entirely sure what’s behind his exit, but it’s easy to see why he’s getting restless on Twitter after more than 15 years of involvement. Will be He cut his teeth during the internet boom of the late 2000s and early 2010s, when co-founder of a hot social media app was a great gig. You were invited to fancy conventions, investors showered you with money and the media projected you as a disruptive innovator. If you were lucky, you were even invited to the White House to hang out with President Barack Obama. Social media was changing the world Connie 2012! arab spring, — and as long as your usage numbers kept going in the right direction, life was good.

Today, running a huge social media company is – looks – pretty pathetic. Sure, you’re rich and famous, but you spend your days managing a bloated bureaucracy and blaming it for the downfall of society. Instead of interrupting and innovating, you sit in boring meetings and go to Washington so that politicians can yell at you. The good kids don’t want to work for you anymore – they’re busy flipping NFTs and building DeFi apps in web3 – and the regulators are running down your neck.

In many ways, today’s crypto scene has inherited the loose, independent spirit of early social media companies. Crypto start-ups are raising a lot of money, attracting massive amounts of publicity and setting off on a utopian-sounding mission to change the world. The crypto universe is full of strange geniuses with unusual pedigree and great appetite for risk, and Web3 – a vision for a decentralized internet built around blockchain – has a variety of complex technical problems that engineers love to solve. Those factors, as well as the sheer amount of money flowing into crypto, have made it an attractive landing spot for burned out tech workers who want to keep in touch with their youthful optimism – and perhaps even for CEOs.

“Silicon Valley technology is the old savior, distributed crypto is the frontier,” said Naval Ravikant, another crypto booster and an early Twitter investor, tweeted this month.

Square, which makes mobile payment systems, has always been the most natural outlet for Mr. Dorsey’s crypto dreams. But he has tried to incorporate some of the bitcoin theories into Twitter. The company added and started bitcoin tipping Decentralization project called Bluesky last year, with the goal of creating an open protocol that would allow external developers to create a Twitter-like social network with different rules and features from the main Twitter app. (Mr. Agarwal, who is Mr. Dorsey to take over Twitter is closely tied to these initiatives, meaning they probably won’t disappear when Mr. Dorsey does.)

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