Twitter announced that Jack Dorsey has stepped down as the company's chief executive officer. Former Twitter CTO Parag Agrawal will take over as Chief Executive Officer. Dorsey will retain his position on the firm's board of advisors.
"After almost sixteen years of working at Twitter as a co-founder and CEO, as an executive chair, I think that it is time to step down." Dorsey wrote in a resignation letter posted on Twitter.
At the same time, Dorsey, 45, runs Square, a digital payment company in parallel with Twitter.
As Twitter's CEO until 2008, Dorsey was forced out of the position after co-founding the company in 2006. Following the resignation of former CEO Dick Costolo, he returned for a second term in 2015.
A Twitter shareholder, Elliott Management, sought to oust Dorsey last year, questioning his eligibility to lead two public companies simultaneously.
Eventually, Dorsey's stay at Twitter was extended via a deal with Twitter's management.
By allowing people to buy crypto with fiat and send payments to friends and vendors, Dorsey made Square's Cash App a major player in the peer-to-peer payments market.
Both Dorsey and Square play a pivotal role in the development and investment of Bitcoin.
Last year, Square began buying Bitcoin for its treasury, which helped kick start a wave of institutional adoption of Bitcoin. Dorsey is an ardent Bitcoin proponent.
The company's financial services division is also developing a Bitcoin hardware wallet, as well as a range of tools for developers.
"Not-custodial, permission-less, and decentralized financial services will be the focus of Square's new arm," Dorsey announced earlier this year.
In addition to Bitcoin-centric decentralized exchanges, Bitcoin mining rigs are also planned.
Dorsey's departure, however, raises questions about Twitter's own plans about crypto assets and the tech behind them.
Twitter announced earlier this month that it had launched Twitter Crypto, a dedicated team to explore decentralized applications, with the ultimate goal of incorporating decentralized technologies into the platform.