BREAKING: Bitcoin Proponent Jack Dorsey Stepping Down as Twitter CEO

Bitcoin evangelist Jack Dorsey is set to step down as the chief executive officer of Twitter, CNBC reports, citing an anonymous source.

He co-founded the highly influential social media company in 2006 and became its first CEO, spearheading the microblogging movement.

In 2008, co-founder Evan Williams became Twitter's new boss after Dorsey stepped down from the role and became the chairman of the board.

In 2010, businessman Dick Costolo took the reins from Williams, and Dorsey took a break from Twitter to focus on other ventures.

In 2013, Twitter became a publicly-traded company. Dorsey turned into a billionaire within hours after the social media giant launched its initial public offering (IPO).

Dorsey returned as the company's CEO in 2015, replacing businessman Costolo, who had served as the CEO of Twitter from 2010 to 2015.

In March 2020, Elliott Management founder Paul Singer tried to oust Dorsey, but the attempt failed.

An advocate for Bitcoin

Dorsey has been known as one of the most ardent proponents of the flagship cryptocurrency. His Twitter bio says only one word: #Bitcoin.

Under Dorsey's watch, the social media platform implemented a Bitcoin tipping service powered by the Lighting Network.

This is not the only CEOship that Dorsey holds. He is also at the helm of payments company Square, whose business heavily relies on Bitcoin.

Earlier this month, Square released a protocol for a decentralized Bitcoin exchange after partnering with blockchain company Blockstream to launch a solar-powered mining project.

Cash App generated $1.82 billion worth of Bitcoin revenue in the third quarter of 2018.

In July, Dorsey said that he would be willing to leave both of his companies to focus entirely on Bitcoin:

If I were not at Square or Twitter, I'd be working on bitcoin. If it (bitcoin) needed more help than Square and Twitter, I'd leave them for bitcoin. But I believe both companies have a role to play, and I think anything that we can do as companies to help find the right intersection between a corporate narrative and a community open narrative is for the best.

Dorsey's successor

It is not clear who will be at the helm of Twitter after Dorsey, who has faced criticism from shareholders for juggling the two companies. However, he has already reached an agreement with the board of directors regarding the billionaire's successor.

Dorsey tweeted that he loved Twitter just one day prior to the bombshell CNBC report.

I love twitter

— jack⚡️ (@jack) November 28, 2021

The shares of Twitter are up more than 12% in pre-market trading.