Jack Dorsey dials in on his dream job — bitcoin missionary

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Hello friends and welcome again week in review,

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Last week, we took a break from context for some guides to consumption. This week, we’re looking at what’s going through a Jack Dorsey’s mind.

you can get it in your inbox newspaper page, and follow my tweets @lucasmtny.


(Photo by Joe Redl/Getty Images)

big deal

While Elon Musk has turned his way to being a crypto saint, Jack Dorsey is spreading the blockchain gospel most sincerely.

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As CEO of Twitter — which he was until his unexpected resignation on Monday — his most passionate official communications drew attention to the power of the Twitter platform or even the deeper opportunities for his other company — fintech giant Square. not focused. The former double-CEO has spread the gospel of bitcoin over the past year, using his multi-billion dollar ventures to share the same message by pushing crypto-embracing features more aggressively than his peers. has done.

He didn’t take out the words. “#Bitcoin will unite a deeply divided nation. (and finally: the world),” he tweeted in August.

At a bitcoin-focused conference in Miami this year, he was even more lavish with his praise: “Bitcoin for me changes absolutely everything. What I’m most attracted to about it is the ethos that it has.” represents, they are the conditions that made it, which are so rare and so special and so precious. I don’t think there is anything more important to work in my life and I don’t think so for people around the world There is something more capable than this.

His executive enthusiasm led both Twitter and Square to adopt the bitcoin and blockchain-focused features that millions of people rely on sitting inside the platform. In July, Dorsey said it would be a “big part” of the company’s future. Recent initiatives at Square include exploring the creation of a hardware wallet and a dedicated bitcoin mining system to store bitcoins.

For platforms with many unresolved and often pressing issues, Dorsey’s one-sided public focus on bitcoin’s revolutionary power doesn’t always sit well with audiences, who are already concerned whether his position as dual CEO means that He was less in tune with the needs of his individual companies. Earlier last year, activist-investor hedge fund Elliott Management issued Twitter a list of demands — chief of which was that Dorsey would step down — after quietly raising a major stake in the company.

Dorsey’s announcement that he is resigning as Twitter’s CEO soared the company’s stock on Monday. While some were happy that Twitter could fulfill its full potential under a full-time CEO, others speculated about what Dorsey was doing and whether he might leave Twitter to start a “Web 3” company that would be completely focuses on bitcoin and blockchain-based technologies. It seems that instead of starting a new company from scratch, Dorsey is aiming to rethink the existing pile of opportunities inside his other company, Square. On Wednesday, they announced a sweeping rebrand, renaming the fintech company initially known for its tiny plastic credit card dongles as Block, a nod to CEO/founder Dorsey’s deep infatuation with blockchain. There is no micro-approval.

Unlike public companies of the past, which could juice up their stock price by adding “blockchain” to their company name, Square is no penny stock — it’s already worth nearly $90 billion. At this point, it is worth noting that Square has clearly indicated that the rebrand will not be accompanied by a broad restructuring, although Square Crypto is getting its own brand – Horoscope, That said, it’s hard to read between the lines, given Dorsey’s bitcoin boosterism and recent Square initiatives like hardware wallet and mining rigs, which could re-establish the company as a crypto-first.

In many ways, Block’s assets, including music streaming app Tidal and Cash App, seem like a potential full-stack Web3 empire, or it could mean a multitude of different stakeholders randomly weaving crypto technologies. Have a chance to introduce everyone. in products that do not need them.

image credit: Giphy

other things

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

UK antitrust watchdog orders Meta to sell Giphy

Facebook, now Meta, has found itself in a regulatory environment that could make it struggle to conduct M&A business as usual. The UK’s Competition and Markets Authority has ordered Meta to reverse its acquisition of Giphy giant Giphy and sell the startup. “The alliance between Facebook and Giphy has already removed a potential challenge in the display advertising market. “Without action, this would allow Facebook to further exert its significant market power in 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 consumer distaste for its corporate brand, but its regulatory problems aren’t going anywhere.

Facebook’s top crypto exec leaves the company

Facebook’s top cryptocurrency experts are leaving the company after years of plotting an ambitious entry for the company into the cryptocurrency world. David Marcus, a longtime crypto supporter, previously headed the company’s Messenger app team. His departure marks another major exit by a longtime Facebook executive – in September, Facebook CTO Mike Schroepfer announced that he was stepping down from his role after 13 years at the company.

Despite being one of the most influential executives in the crypto space, Marcus was unable to get much out on Facebook due to regulatory pressure. He indicated in his announcement that he was looking forward to entrepreneurship.

Twitter revamps security policy
Twitter’s new CEO found himself in hot water just a day after his tenure as user backlash against the company’s new security policies mounted. These policies, which were designed as a way to prevent harassment and abuse, prohibit the sharing of images or videos of private individuals without their consent. “When we are notified by featured individuals or an authorized representative that they have not consented to the sharing of their personal image or video, we will remove it,” Twitter said. Update, “This policy does not apply to media featuring public figures or individuals when the media and the accompanying Tweet text are shared in the public interest or add value to the public discourse.”

This is a very broad rule which will surely give rise to further controversy. Twitter apparently received a higher response than expected; Whether this leads to unexpected results in implementation is a broad question.

image credit: Nerdshala

added things

Here are some of my favorite books from our newly named Nerdshala+ subscription service this week:

mother in law talk about selling

“…we are seeing not only software stocks flirting with bear-market territory in technical terms, but even a very notable pullback in value. fastest growing technology companies. This means that the public valuation multiplier – by far the leading indicator for private unicorns and young startups – is shrinking. Has the valuation shifted enough to slow the current venture capital bonanza? Maybe not. But we may be closer to that crucial point than you think…”

Steps to Survive and Thrive During Fundraising

“…So how do you prepare for this critical stage in your company’s growth, navigate the challenges of a fundraising, and don’t let the process overwhelm you with the responsibility of still running your business? Not every fundraising is the same, founders can use the experience of others who are on this path to ensure that their fundraising efforts are efficient and most importantly, successful…,

3 Ways to Recruit Engineers That Fly Below LinkedIn’s Radar

“…companies cannot let how they hired in the past affect their attitudes today – to do so means missing out not only the quantity of developers, but their quality and diversity. Of the remote revolution The expansion happened not only to where we can recruit, it’s expanded to who we can bring on board. With that in mind, these are the best ways to tap into hidden developer gems…”

Thanks for reading! Again, you can get it in your inbox newspaper page, and follow my tweets @lucasmtny.

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