Jack Dorsey retains voting energy at Twitter fuelling rumors of crypto integration

An SEC filing 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 mum or dad firm of Sq., CashApp, Spiral, Tidal, and TBD. The music service Tidal is the one firm inside the group and not using a direct connection to Bitcoin or crypto. The entire different corporations are deeply ingrained in blockchain expertise.

Rumors have been circulating about the potential of 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 idea.

Nevertheless, Dorsey retaining his voting energy inside the firm stands out as the most important indicator but that the platform might combine blockchain expertise sooner or later. Musk is at present remodeling the Twitter verification system, and one Twitter consumer advised utilizing ENS domains as a strategy to handle verification.

Think about a world with just one vitalik.eth… https://t.co/OwMR9a6xr0

— 448.eth (@448_eth) October 30, 2022

Watcher Guru reported that Twitter verification standing could be out there for a month-to-month charge of $20. The group is now debating whether or not fee shall be allowed in crypto, particularly Doge.

Jack Dorsey is commonly viewed as a Bitcoin maxi, so will probably be fascinating to see how concerned he shall be in any conversations round Twitter and crypto. No public announcement has been made to recommend that Dorsey shall be immediately concerned in any capability. Nevertheless, 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 known as TBD. One such product is the web5 app Zion, a social media platform that might rival Twitter. A weblog publish on Zion v2 shared by Dorsey states, “Think about a brand new world the place you might… go away Twitter and Instagram and take all of your connections with you.”

Subsequently Dorsey’s potential function in Twitter underneath Musk’s management is unclear right now. A number of outlets have touted Dorsey in opposition to Musk in an obvious social media rivalry. Nevertheless, the pair have all the time appeared to get along in public and share some comparable 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 obtrusive 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 fascinating to see how the connection evolves. Nevertheless, given Musk’s status for disrupting the established order, who is aware of what the longer term holds for Zion and Twitter?