Jack Dorsey is stepping down as Twitter CEO. Is Jack leaving his executive role to work on a bitcoin project?

Twitter CEO Jack Dorsey is stepping down from his executive role as the chief executive officer, according to a report from CNBC, citing sources familiar with the matter. Dorsey, 45, currently serves as both the CEO of Twitter and Square, his digital payments company.

Twitter was founded in March 2006 by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams. The company was later launched in July of that year. By 2012, more than 100 million users posted 340 million tweets a day. Dorsey served as CEO until 2008 before being pushed out of the role. He returned to Twitter as the boss in 2015 after former CEO Dick Costolo stepped down.

Is Jack leaving his position to work on a bitcoin project? Earlier this year in June at Bitcoin Miami 2021, Jack said, “If I were not square or Twitter, I’d be working on bitcoin. If it needed more help than square and Twitter, I will leave them for bitcoin.”

At this point, it’s unclear who’s set to succeed Dorsey or the timing of a potential announcement. It’s also unknown why Dorsey would take a step back. But if he steps down, the next CEO will have to meet Twitter’s aggressive internal goals, CNBC said.

Twitter said earlier this year it aims to have 315 million monetizable daily active users by the end of 2023 and to at least double its annual revenue in that year.

This is breaking news. Please check back for updates.