An SEC submitting has revealed that Jack Dorsey nonetheless owns 2.4% of Twitter following Elon Musk’s acquisition. Dorsey, the previous CEO of Twitter, left the corporate in November 2021, simply 19 days after Bitcoin hit its all-time excessive of $69,061.
Dorsey is the present CEO of Block, the dad or mum firm of Sq., CashApp, Spiral, Tidal, and TBD. The music service Tidal is the one firm inside the group with no direct connection to Bitcoin or crypto. The entire different corporations are deeply ingrained in blockchain expertise.
Rumors have been circulating about the potential for Musk introducing crypto funds inside the Twitter app. Musk’s ardour for Dogecoin and the revelation that Binance dedicated $500 million to the acquisition laid the groundwork for the speculation.
Nonetheless, Dorsey retaining his voting energy inside the firm often is the most vital indicator but that the platform may combine blockchain expertise sooner or later. Musk is presently transforming the Twitter verification system, and one Twitter consumer instructed utilizing ENS domains as a approach to handle verification.
Think about a world with only one vitalik.eth… https://t.co/OwMR9a6xr0
— 448.eth (@448_eth) October 30, 2022
Watcher Guru reported that Twitter verification standing could be accessible for a month-to-month charge of $20. The neighborhood is now debating whether or not cost can be allowed in crypto, particularly Doge.
Jack Dorsey is commonly considered as a Bitcoin maxi, so will probably be attention-grabbing to see how concerned he can be in any conversations round Twitter and crypto. No public announcement has been made to recommend that Dorsey can be straight concerned in any capability. Nonetheless, the SEC submitting confirmed that he retained 18,042,428 voting shares.
Dorsey is actively engaged on what he calls ‘web5,’ a Bitcoin-powered ecosystem led by an arm of Block referred to as TBD. One such product is the web5 app Zion, a social media platform that would rival Twitter. A weblog put up on Zion v2 shared by Dorsey states, “Think about a brand new world the place you possibly can… go away Twitter and Instagram and take all of your connections with you.”
Subsequently Dorsey’s potential function in Twitter below Musk’s management is unclear at the moment. A number of retailers have touted Dorsey towards Musk in an obvious social media rivalry. Nonetheless, the pair have all the time appeared to get alongside in public and share some related views on blockchain expertise.
Throughout a ‘B phrase” podcast in 2021, Dorsey and Musk mentioned Bitcoin with Cathie Wooden of ArkInvest with out signal of any evident vendetta. Additional, Dorsey retained his shares by willingly rolling them into the brand new firm, saving Musk round $1 billion.
Ought to Dorsey’s Zion v2 proceed to place itself as a direct rival to Twitter, will probably be attention-grabbing to see how the connection evolves. Nonetheless, given Musk’s status for disrupting the established order, who is aware of what the long run holds for Zion and Twitter?
