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The Jack Dorsey era is likely to come to an end soon. According to media reports, the current Twitter CEO is set to step down from his position.

A report by American media outlet CNBC announced today, November 29, that Jack Dorsey, co-founder and CEO of social media giant Twitter, will be stepping down from his role as Twitter’s chief executive.

As per the article, unknown sources had revealed the unexpected resignation of the CEO. However, at this point, it is unclear why the 45-year-old social media chief is throwing in the towel. Twitter doesn’t seem to have made an official statement on the matter yet.

Yet Dorsey is not only the co-founder and CEO of Twitter, but also the head of digital payments provider Square.

More time for crypto?

Just last year, Dorsey faced allegations from Elliott Management . The hedge fund questioned Dorsey’s ability to run both publicly traded companies at the same time, and worried that he wasn’t paying enough attention to Twitter in the process. However, it is unknown if this was the deciding factor in Twitter’s current developments.

The Bitcoin proponent has recently publicly toyed with the idea of getting into the mining business with Square. In doing so, Dorsey wanted to make access to mining new bitcoin coins more accessible to all. So with the resignation could come a greater focus on the 45-year-old’s crypto ventures.

On Twitter, Jack Dorsey published an email that he sent to the employees:inside from the social media company. According to it, Dorsey’s successor with immediate effect has also already been determined: Parag Agrawal, the previous head of the technology division.

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In the email, Dorsey also stressed that it was his decision alone to leave Twitter. Moreover, he was “very sad … but also very happy” about the decision.