According to an SEC filing, Jack Dorsey still owns 2.4% of Twitter after Elon Musk’s takeover. Former Twitter CEO Dorsey quit the company in November 2021, just 19 days after Bitcoin reached its all-time high price of $69,061.
Dorsey currently serves as the chief executive officer of Block, the parent company of Square, CashApp, Spiral, Tidal, and TBD. Tidal is the only company in the group with no direct relationship to Bitcoin or cryptocurrency. Each of the other businesses is firmly rooted in blockchain technology.
There have been rumours that Musk may implement crypto payments within the Twitter app.
Musk’s enthusiasm for Dogecoin and Binance’s investment of $500 million laid the foundation for this assumption.
Dorsey’s retention of his voting rights may be the most significant hint yet that the platform may incorporate blockchain technology in future. Musk is in the process of revamping the Twitter verification system. One Twitter user suggested using ENS domains to manage verification.
Imagine a world with only 1 vitalik.eth… https://t.co/OwMR9a6xr0
— 448.eth (@448_eth) October 30, 2022
According to Watcher Guru, Twitter verification status would be accessible for $20 per month. The community is now debating whether crypto payments, notably Doge, will be permitted.
There have been no public announcements that Dorsey will be actively involved. However, according to the SEC filing, he maintained 18,042,428 voting shares.
Dorsey is busy developing what he refers to as “web5”, a Bitcoin-powered environment led by TBD, an arm of Block. One example is the Web5 application Zion, a social media platform that could compete with Twitter. In a blog post about Zion v2, Dorsey writes, “Imagine a new world where you could… leave Twitter and Instagram and take all your connections with you.”
Dorsey’s prospective role at Twitter under Musk’s leadership is currently unknown. Several media outlets have reported an apparent social media rivalry between Dorsey and Musk. However, they have always appeared to get along in public and have similar perspectives on blockchain technology.
During a webcast about the “B word” in 2021, Dorsey and Musk discussed Bitcoin with Cathie Wood of ArkInvest without displaying apparent animosity. In addition, Dorsey retained his shares by voluntarily rolling them into the new firm, saving Musk around $1 billion.
How the partnership develops will be intriguing should Dorsey’s Zion v2 continue to present itself as a competitor to Twitter. Who knows, though, what the future holds for Zion and Twitter, given Musk’s record of upsetting the established order?
