Jack Dorsey Exits Bluesky Board, Applauds Elon Musk’s Cryptocurrency X: Impact on Coin Market (X)

• Twitter co-founder, Jack Dorsey, steps down from the board of Bluesky, a social media platform, and shows support for Elon Musk’s X.
• Dorsey’s departure from Bluesky has sparked discussions in the tech sector about the potential reasons behind the move.
• Dorsey praises X as a “freedom technology” and announces philanthropic grants to support open internet protocols.

Jack Dorsey, Twitter co-founder, departs from Bluesky board and shows support for Elon Musk’s X, sparking discussions in the tech sector.

Jack Dorsey’s Departure from Bluesky

Jack Dorsey, the co-founder of Twitter, now known as X, has announced his departure from the board of Bluesky, another social media platform. This move has raised queries among tech market enthusiasts over the potential reason behind the move. Dorsey’s decision to exit Bluesky comes amid a period of transformation for Twitter, now rebranded as X, after its acquisition by Elon Musk.

Dorsey’s Support for Elon Musk’s X

Dorsey took to X, praising the platform as a hub for “freedom technology” and announcing philanthropic grants to support open internet protocols. His narrowed list of followers on X, including Elon Musk, Edward Snowden, and Stella Assange, suggests a warming of relations between Dorsey and X’s owner. Dorsey has also gained notable traction lately, after he demonstrated strong backing for Bitcoin and decentralized social media, donating $21 million to OpenSats. This highlights his belief in Bitcoin as the internet’s native currency, sparking crypto market optimism.

Impact on the Technology Market

Bluesky, initially envisioned as a decentralized alternative to Twitter, failed to gain significant traction in the face of Meta Platforms Inc.’s Threads. Despite its promising start, Bluesky struggled to maintain relevance, overshadowed by X’s emergence as a formidable player in the social media arena. Dorsey’s departure from Bluesky signals a shift in focus towards X and Musk’s vision for the platform. With Dorsey’s endorsement and involvement in X, the platform may see increased attention and development, potentially challenging existing social media giants in the future.

Conclusion

Dorsey’s departure from Bluesky and his support for X could potentially shift the dynamics of the social media landscape. His endorsement of X and his belief in Bitcoin as the internet’s native currency could also influence the future of the crypto market. As Dorsey continues to make moves in the tech sector, it will be interesting to see how these developments unfold.