Jack Dorsey’s Twitter Departure Hints at Big Tech’s Restlessness – The New York Times

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The Shift
Jack Dorsey, who is stepping down after six years as Twitter’s chief executive, is one of the tech leaders who seem to have grown tired of managing their empires.
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In 2015, when Jack Dorsey rejoined Twitter as its interim chief executive, he raved about the app with quasi-religious fervor, calling it “the closest thing we have to a global consciousness.”
But on Monday, Mr. Dorsey left the pulpit. He resigned, saying in an email to Twitter employees that he believed the company should “stand on its own, free of its founder’s influence or direction.” He announced that Parag Agrawal, Twitter’s chief technology officer, would take over as C.E.O., while Bret Taylor would become its board chair.
In some ways, Mr. Dorsey’s departure is far from surprising. He has faced pressure for more than a year from the activist investor Elliot Management to boost Twitter’s growth and improve its financial performance. He’s also been running Square, the fast-growing financial services company he co-founded, and it always seemed that at some point he would decide that one C.E.O. job was enough. (In his email, Mr. Dorsey said that leaving Twitter was his choice.)
On Monday, Jack Dorsey stepped down as the chief executive of Twitter.
Here’s a look at key moments from Dorsey’s tenure at the company →
just setting up my twttr
2006: Dorsey sends the very first tweet after he helped to found the company, which was initially named Twttr. (Fifteen years later, he auctioned the tweet online for nearly $3 million.)
2007: Dorsey becomes Twitter’s C.E.O. After clashing with Twitter’s board, he was fired as C.E.O. the following year.
2013: More than seven years after it was founded, Twitter goes public. Dorsey becomes a billionaire.
2015: In a move that echoes Steve Jobs’s return to Apple, Dorsey returns as Twitter’s C.E.O., as the company struggles with weak user growth and low morale.
Bias in algorithms is an important topic. Our responsibility is to understand, measure, and reduce accidental bias due to factors such as the quality of the data used to train our algorithms. This is an extremely complex challenge facing everyone applying artificial intelligence.
2018: Dorsey testifies before Congress about the alleged bias of Twitter’s algorithms.
I believe this was the right decision for Twitter. We faced an extraordinary and untenable circumstance, forcing us to focus all of our actions on public safety. Offline harm as a result of online speech is demonstrably real, and what drives our policy and enforcement above all.
2021: Dorsey and Twitter ban President Donald Trump from the social media platform shortly after the Jan. 6 attack on the Capitol.
Read more about the changes at Twitter.
But there’s something else going on with Mr. Dorsey and some of his fellow tech moguls. They seem to be getting bored and restless with their jobs, and they’re striking out in search of adventure.
Jeff Bezos’ wanderlust led him to step down from Amazon this year and fulfill his childhood fantasy of going to space. Google’s founders, Larry Page and Sergey Brin, stepped down in 2019 and have since been investing in futuristic projects like airships and flying taxis. Mark Zuckerberg is still running Facebook, but it’s called Meta now, and the company’s big metaverse pivot seems to be designed in part to infuse some novelty and excitement back into a staid, big-company culture.
As Recode’s Peter Kafka wrote this year, this year’s big wave of tech executive departures partly reflects the fact that the biggest Silicon Valley giants are so huge and profitable that they no longer need visionary founders in charge — just competent managers who can keep the money-printing machines running and avoid any catastrophic mistakes.
But it also hints at how little fun the titans of tech seem to be having. The founders of today’s biggest tech giants are growing tired of managing their empires, which are increasingly burdened by political controversy and hard-to-fix problems like misinformation and hate speech. They don’t see an easy way out, and they’re more excited by building new things than fixing old ones. So they are turning those empires over to others and heading off in search of new frontiers.
It seems obvious what Mr. Dorsey’s next frontier will be. He’s obsessed with Bitcoin (it’s the only thing in his Twitter bio), and he talks about cryptocurrency and the decentralized web with the kind of zeal he once used to describe Twitter.
“I don’t think there’s anything more important in my lifetime to work on, and I don’t think there’s anything more enabling for people around the world,” he told the audience at a Bitcoin conference in Miami in June.
Mr. Dorsey, whose oracular beard and quirky wellness routines have made him something of a cult figure in Silicon Valley, has become a crypto influencer in recent months. Bitcoin fans cheered his resignation on Monday, assuming he’d be spending his newfound free time championing their cause. (A more likely scenario is that he’ll continue to push crypto projects at Square, where he’s already started building a decentralized finance business.)
Mr. Dorsey didn’t respond to a request for comment, so I can’t be totally sure what’s behind his exit, but it’s easy to see why he would be getting restless at Twitter after more than 15 years of involvement. He cut his teeth during the internet boom of the late 2000s and early 2010s, when being a co-founder of a hot social media app was a pretty great gig. You got invited to fancy conferences, investors showered you with money and the media heralded you as a disruptive innovator. If you were lucky, you even got invited to the White House to hang out with President Barack Obama. Social media was changing the world — Kony 2012! The Arab Spring! — and as long as your usage numbers kept moving in the right direction, life was good.
Today, running a giant social media company is — by the looks of it — pretty miserable. Sure, you’re rich and famous, but you spend your days managing a bloated bureaucracy and getting blamed for the downfall of society. Instead of disrupting and innovating, you sit in boring meetings and fly to Washington so politicians can yell at you. The cool kids no longer want to work for you — they’re busy flipping NFTs and building DeFi apps in web3 — and regulators are breathing down your neck.
A glossary. Cryptocurrencies have gone from a curiosity to a viable investment, making them almost impossible to ignore. If you are struggling with the terminology, let us help:
Bitcoin. A Bitcoin is a digital token that can be sent electronically from one user to another, anywhere in the world. Bitcoin is also the name of the payment network on which this form of digital currency is stored and moved.
Blockchain. A blockchain is a database maintained communally, that reliably stores digital information. The original blockchain was the database on which all Bitcoin transactions were stored, but non-currency-based companies and governments are also trying to use blockchain technology to store their data.
Cryptocurrencies. Since Bitcoin was first conceived in 2008, thousands of other virtual currencies, known as cryptocurrencies, have been developed. Among them are Ether, Dogecoin and Tether.
Coinbase. The first major cryptocurrency company to list its shares on a U.S. stock exchange, Coinbase is a platform that allows people and companies to buy and sell various digital currencies, including Bitcoin, for a transaction fee.
Crypto finance. The development of cryptocurrencies spawned a parallel universe of alternative financial services, known as Decentralized Finance, or DeFi, allowing crypto businesses to move into traditional banking territory, including lending and borrowing.
NFTs. A “nonfungible token,” or NFT, is an asset verified using blockchain technology, in which a network of computers records transactions and gives buyers proof of authenticity and ownership. NFTs make digital artworks unique, and therefore sellable.
In many ways, today’s crypto scene has inherited the loose, freewheeling spirit of the early social media companies. Crypto start-ups are raising tons of money, attracting huge amounts of hype and setting off on utopian-sounding missions of changing the world. The crypto universe is full of weird geniuses with unusual pedigrees and big appetites for risk, and web3 — a vision for a decentralized internet built around blockchains — contains lots of the kinds of complex technical problems that engineers love to solve. Those factors, plus the enormous sums of money flowing into crypto, have made it a tempting landing spot for burned-out tech employees looking to get back in touch with their youthful optimism — and maybe for C.E.O.s, too.
“Silicon Valley tech is the old guard, distributed crypto is the frontier,” Naval Ravikant, another crypto booster and an early Twitter investor, tweeted this month.
Square, which builds mobile payment systems, has always been the most natural outlet for Mr. Dorsey’s crypto dreams. But he has tried to incorporate some of Bitcoin’s principles into Twitter. The company added Bitcoin tipping and started a decentralization project called Bluesky last year, with the goal of creating an open protocol that would allow outside developers to build Twitter-like social networks with different rules and features from the main Twitter app. (Mr. Agrawal, who is taking over for Mr. Dorsey at Twitter, has been closely involved with these initiatives, meaning they probably won’t disappear when Mr. Dorsey does.)
One cynical interpretation of what’s happening with Mr. Dorsey and his peers is that they’re simply trying to evade responsibility — shooting themselves into space and fooling around in crypto while other people clean up the messes they made at their old jobs.
Still, there’s something to be said for knowing when to pass the torch. And after he has seen what it’s like to wind up in the center of power, it’s hard to fault Mr. Dorsey for wanting to decentralize the internet, starting with himself.
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