Jack Dorsey, who is facing possible ouster from his position as the Twitter CEO, recently revealed that he is reconsidering his decision to move to Africa for six months. Mr. Dorsey is currently under pressure after a Wall Street investor bought a billion dollars of Twitter shares in a bid to remove him from his CEO position.
Reasons for His Decision
Dorsey did not reveal whether the possible ouster as CEO had anything to do with his decision to change his mind. However, he said that the outbreak of the coronavirus and several other reasons had forced him to reconsider moving to Africa for six months.
Elliot Management, who is led by Paul Singer, a long-time Republican Party supporter, bought a billion dollars of Twitter shares. After that, they proposed a change to the board of directors, which could lead to Jack Dorsey being removed from his position as CEO. Paul Singer is allegedly unhappy about the perceived political bias at Twitter.
Dorsey also runs Square, a payments company where he is the CEO. Elliot is also not happy about Dorsey’s duo commitment. His decision to move to Africa has also not gone down well with some of the other shareholders of Twitter.
In November, Dorsey announced that he would move to Africa for six months. He said at the time that he believed the future of Bitcoin was in Africa. He added that he was not sure where exactly in Africa he would be living but he would move to Africa mid-2020. The CEO decided to move there after a short visit to some sub-Saharan nations. His mention of BTC in his announcement was interpreted to mean that he would be allocating more of his time to his Square Company than to running Twitter.
Things Have Changed
Jack Dorsey does not appear to be as enthusiastic about moving to Africa as he was in November. He told a tech conference in San Francisco that when he made the tweet, he had made a mistake. The CEO added that he should have provided context about his decision to move to Africa. According to Dorsey, he had been working on a plan where he would decentralize his work.
This is something that he often does when he and his team travel. As a result, there is no interruption to how Twitter is run. The CEO added that in light of the outbreak of the coronavirus and everything else that is happening, he has been forced to re-evaluate his decision. At the start of this week, Twitter asked all of its employees to work from home to avoid contracting or spreading the coronavirus.
Jack Dorsey Could Do More For Bitcoin
At the helm of Twitter, Dorsey has no doubt done a lot for crypto. He even introduced a Bitcoin emoji on the platform. However, if he is forced out of Twitter, he could do much more for Bitcoin. It would give him more time to focus on Square and expand the company’s crypto payment operations. In general, his ouster could help to boost Bitcoin’s mass adoption. If Jack relocates to Africa, it could give him the necessary time to study financial infrastructure. It’s been stated numerous times that Africa can be a leading catalyst for Bitcoin adoption. With this being said, there has to be an efficient system in place. If Dorsey relocated to Africa, he could be in the position to study financial infrastructure and work on an execution plan to monetize Bitcoin adoption in the African region.
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