Jack Dorsey calls in to his dream job - bitcoin missionary - Gadgets Price - Gadgets Price
Jack Dorsey calls in to his dream job - bitcoin missionary - Gadgets Price

Hello friends, and welcome back to Week overview!

Last week we took a break from contextualization for some consumption guides. This week we look at what happens in the mind of one Jack Dorsey.

You can get this in your inbox via the newsletter page, and follow my tweets @lucasmtny.

Jack Dorsey calls in to his dream job - bitcoin missionary - Gadgets Price

(Photo by Joe Raedle/Getty Images)

the big thing

While Elon Musk has worked his way into crypto sanctuary, Jack Dorsey has spread the blockchain gospel much more seriously than most.

As the CEO of Twitter — which he was until Monday when he unexpectedly resigned — most of his most impassioned official communication has not focused on the power of the Twitter platform or even the great opportunities ahead for his other company — fintech giant Square. . The former dual CEO has spent the past year spreading the gospel of bitcoin, using his multi-billion dollar companies to share that same message by pushing crypto-embracing features more aggressively than his peers.

He didn’t mince words. “#Bitcoin will unite a deeply divided country. (and ultimately: world),” he tweeted in August.

At a bitcoin-centric conference in Miami this year, he was even more effusive with his praise: “For me, Bitcoin really changes everything. What attracts me most is the ethos, what it represents, the conditions that created it, which are so rare and so special and so precious. I don’t think there’s anything more important in my life to work on and I don’t think there’s anything that makes more possible for people around the world.”

His executive zeal led both Twitter and Square to embrace bitcoin and blockchain-focused features that sit deep within platforms that millions of people rely on. In July, Dorsey said this would be a “big part” of the company’s future. Recent initiatives at Square include a hardware wallet to store bitcoin and the exploration of building a dedicated bitcoin mining system.

For platforms with a myriad of unresolved and often pressing issues, Dorsey’s seemingly one-sided public focus on bitcoin’s revolutionary power has not always satisfies onlookers, who were already concerned whether his dual-CEO status meant he was less in-tune. was with the needs of his individual companies. Early last year, activist-investor hedge fund Elliott Management sent a list of demands to Twitter — the most important of which was for Dorsey to step down — after he quietly increased a significant stake in the company.

Dorsey’s announcement that he was stepping down as CEO of Twitter sent the company’s shares soaring Monday. While some rejoiced that Twitter could unlock its full potential under a full-time CEO, others speculated about what Dorsey was up to and whether he would leave Twitter to start a “web3” company focused solely on bitcoin and blockchain based technologies. It seems that rather than starting a new company from scratch, Dorsey has sought to rethink the existing stack of opportunities within his other company, Square. On Wednesday, he announced a sweeping rebrand, renaming the fintech company initially known for its tiny plastic credit card dongles as Block, a not-so-subtle nod to CEO/founder Dorsey’s growing infatuation with the blockchain.

Unlike the publicly traded companies of yore, who were able to lower their share price by adding “Blockchain” to their company name, Square is not a penny stock – it is already worth almost $90 billion. At this point, it’s worth noting that Square has explicitly stated that there won’t be a wide-ranging reorganization associated with rebranding, although Square Crypto will be getting its own brand – Spiral. That said, it’s hard not to read between the lines, given Dorsey’s bitcoin boosterism and recent Square initiatives, such as hardware wallets and mining platforms, which could reposition the company as crypto-first.

In many ways, Block’s hodgepodge of properties, including music streaming app Tidal and the Cash app, seems like a potential full-stack web3 empire, or it could just be the ability to piss off a whole lot of different stakeholders by haphazardly weaving crypto technologies. into products they don’t need.

Jack Dorsey calls in to his dream job - bitcoin missionary - Gadgets Price

Image Credits: GIPHY

other things

Here are a few stories from this week that I think you should take a closer look at:

British antitrust watchdog orders Meta to give Giphy. to sell
Facebook, now Meta, is in a regulatory environment that might make it struggle to conduct M&A transactions as usual. The British Competition and Markets Authority has ordered Meta to undo its acquisition of poison giant Giphy and sell the startup. “The partnership between Facebook and Giphy has already removed a potential challenger in the display advertising market. Without action, it will also allow Facebook to further increase its significant market power on social media by controlling competitors’ access to Giphy GIFs,” one of the group’s leaders said in a statement.

Facebook may have changed its name to hide consumers’ distaste for its company brand, but its regulatory issues aren’t going anywhere.

Facebook’s top crypto exec leaves company
Facebook’s top cryptocurrency expert is leaving the company after years of planning for the company’s ambitious entry into the crypto world. David Marcus, a longtime crypto supporter, previously led the company’s Messenger app team. His departure marks another major exit by a longtime Facebook executive — in September, Facebook CTO Mike Schroepfer announced he was stepping down from his post after 13 years with the company.

Despite being one of the most influential execs in the crypto space, regulatory pressure prevented Marcus from leaving Facebook too much. He indicated in his announcement that he is looking for entrepreneurial activities.

Twitter updates security policy
Twitter’s new CEO found himself in hot water just a day into his tenure as user reactions to the company’s new security policies mounted. Created as a way to prevent harassment and abuse, the policy prohibits sharing images or videos of private individuals without their consent. “If we are informed by any person depicted, or by an authorized representative, that they have not consented to the sharing of their private photo or video, we will remove it,” Twitter said in a statement. update. “This policy does not apply to media featuring public figures or individuals when media and associated Tweet text are shared in the public interest or add value to the public debate.”

It’s a very broad rule that is sure to spark further controversy. Twitter clearly got more backlash than expected; whether this leads to unexpected consequences in implementation is the broader question.

Jack Dorsey calls in to his dream job - bitcoin missionary - Gadgets Price

Image Credits: Gadgets Price

things added

Some of my favorite articles from our recently renamed Gadgets Price+ subscription service this week:

Let’s talk about the SaaS sale
“…We are not only seeing software stocks flirting with bear market territory in technical terms, but also a pretty remarkable drop in the value of even the fastest growing technology companies. This means public valuation multiples – key indicators for still private unicorns and younger startups – are shrinking. Have valuations shifted enough to slow the current venture capital bonanza? Probably not. But we could be closer to that tipping point than you might think…”

Steps to Survive and Thrive While Raising Money
“…So how do you prepare for this important stage in your company’s growth, navigate the challenges of a fundraiser, and not let the process overwhelm the responsibility of still running your business? While not every fundraiser is created equal, founders can draw on the experience of others who have walked this path to ensure their fundraisers are efficient and, most importantly, successful…

3 Ways to Recruit Engineers That Fly Under LinkedIn’s Radar
“…Companies can’t let their current approach be influenced by the way they’ve hired in the past – meaning they’re missing not only the quantity of developers, but also their quality and diversity. The remote revolution has not only broadened where we can recruit, it has expanded who we can bring on board. With that in mind, these are the best ways to tap into developers’ hidden gems…”

Thank you for reading! Again, you can get this in your inbox from the newsletter page, and follow my tweets @lucasmtny.

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