Jack Dorsey retains voting power at Twitter

• Twitter may receive guidance from Jack Dorsey on how to integrate crypto
• Jack Dorsey is often viewed as a Bitcoin expert
• He still owns 2.4% of Twitter

Following Elon Musk’s acquisition, it has been revealed in an SEC filing that Jack Dorsey still owns 2.4% of Twitter. In November 2021, just 19 days after Bitcoin reached its all-time high of $69,061, Dorsey, the former CEO of Twitter, left the company.

Block, the parent company of Square, CashApp, Spiral, Tidal, and TBD, is currently led by Dorsey as CEO. The only company in the group that does not have a direct connection to cryptocurrency or Bitcoin is the music streaming service Tidal. The other businesses are all well-versed in blockchain technology.

Musk is reworking the Twitter’s verification framework

Bits of gossip have been circling about the chance of Musk presenting crypto installments inside the Twitter application. The theory was founded on Musk’s enthusiasm for Dogecoin and the fact that Binance pledged $500 million to the acquisition.

However, the most significant indication yet that the platform may incorporate blockchain technology in the future may be Dorsey’s continued voting power within the company. One Twitter user suggested using ENS domains to manage verification while Musk is currently reworking the Twitter verification system.

According to Watcher Guru, Twitter verification status would be made available for a $20 monthly fee. The community is currently debating whether cryptocurrency, specifically Doge, will be accepted for payment.

Given that Jack Dorsey is frequently portrayed as a Bitcoin maxi, it will be interesting to see how involved he is in any discussions regarding cryptocurrency and Twitter. There has been no public announcement that suggests Dorsey will be involved in any way. However, his holdings of 18,042,428 voting shares were confirmed in the SEC filing.

Dorsey is currently working on what he refers to as “web5,” which is a Bitcoin-powered ecosystem led by TBD, a Block subsidiary. The web5 app Zion, a social media platform that has the potential to rival Twitter, is one such product. Dorsey wrote, “Imagine a new world where you could… leave Twitter and Instagram and take all your connections with you” in a blog post on Zion v2.

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Dorsey and Musk discussed Bitcoin with Cathie Wood

Therefore, it is currently unclear what Dorsey might be doing at Twitter under Musk’s leadership.Dorsey and Musk appear to be competing on social media, according to several media outlets.Nevertheless, the two have always appeared to get along in public, and they hold some viewpoints on blockchain technology that are similar.

In 2021, on a podcast called “The B Word,” Dorsey and Musk talked about Bitcoin with ArkInvest’s Cathie Wood without any obvious resentment. Additionally, Dorsey was able to keep his shares by voluntarily incorporating them into the new business, which saved Musk about $1 billion.

It will be interesting to see how the relationship develops if Dorsey’s Zion v2 maintains its position as a direct rival to Twitter.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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