Former Twitter CEO, Jack Dorsey, has confirmed his departure from the board of the decentralized social media project, Bluesky, marking his exit from the social media industry. Despite still owning shares in Twitter, Dorsey will no longer play a role in its next stage and will instead focus on his other projects.
His other venture, Block (formerly Square), has a successful POS business and is making increasingly risky investments in cryptocurrency. Dorsey remains committed to Bitcoin, viewing it as a democratizing force, particularly in Africa where banking facilities are limited. However, his decision to shift Block's focus to crypto is seen as speculative.
Critics have described Dorsey as detached, with his management decisions at both Twitter and Block lacking strong leadership or foresight. His departure from social media is seen as the end of an era, as he was among the original social media founders who brought a new vision to the future.
Unlike Dorsey, other social media founders have evolved. Mark Zuckerberg has revamped his persona, Evan Spiegel is less publicly accessible, and the Reddit team has revamped their platform to attract more ad revenue. Social media has matured into a legitimate business with significant social and economic responsibilities, necessitating a change in the CEO role, which was not Dorsey's style.
Dorsey's exit is significant for the future of Bluesky, which may struggle without his financial support. It also marks the end of an era for social media. The main takeaway from Dorsey's journey is that idealism and capitalism don't mix, and a choice between the two is inevitable.
