Key Takeaways
- Jack Dorsey co-founded Twitter (now X) and Block (formerly Square). Dorsey is changing social media and payment transactions.
- Dorsey started Square in 2010, which became Block in 2021, focusing on blockchain and decentralized finance.
- Dorsey supported Musk’s purchase of Twitter, which was rebranded as X in 2022, aiming for an all-in-one app.
Jack Dorsey is a tech leader known for transforming social media and the money industry. He co-founded Twitter, which changed how people connect online. He also started Block, Inc. (once called Square), a company that makes payments and financial services easier for everyone.
Who Is Jack Dorsey?
Jack Dorsey was born in 1976 in St. Louis, Missouri. His dad worked on spectrometers. By the time he was 14, he had become very interested in taxi dispatch software. At 19, he joined the University of Missouri-Rolla but later moved to New York.
He dropped out one semester before graduating. Dorsey then moved to California and started a company using the Internet to send taxis, couriers, and emergency vehicles.
In 2000, while working on a dispatch platform, he came up with the idea of a messaging service that would allow friends to share updates without needing a computer. He took his idea to Odeo, a podcasting company, where he worked with Christopher “Biz” Stone, Evan Williams, and Noah Glass. Together, they later created Twitter.
How Dorsey Created Twitter(X)
While Dorsey was inspired by instant messaging platforms like AOL and MSN, he and Stone felt a text-based service would better fit his status-update concept. In just two weeks, they developed a prototype for Twitter.
When Odeo shut down in 2006, Dorsey revisited the messaging idea and officially launched the platform that March, appointing himself CEO.
From CEO to Chairman
Dorsey received support from investors, which helped Twitter grow quickly, especially as celebrities started using the app, making it more popular.
Two years later, Dorsey moved from CEO to chairman of the board. He often left work early to pursue hobbies like yoga and fashion design.
Obama’s Live Q&A on Twitter
In July 2011, Twitter hosted its first-ever Town Hall with President Obama. Jack Dorsey, the co-founder of Twitter, led the event. During the live discussion, Dorsey reminded Obama to keep his answers within the platform’s 140-character limit, which added a fun twist to the conversation. The event allowed millions of people to engage with the President on important topics like healthcare and the economy.
Leading Twitter and Launching Square
In 2015, when Twitter’s CEO Dick Costolo announced his resignation, Dorsey stepped in as interim CEO and later took the role permanently in October.
At the same time, in 2010, Dorsey started splitting his time between Twitter and a new venture, Square. This technology turned smartphones and tablets into debit card readers for small businesses.
However, as competitors introduced similar products, Square faced challenges and experienced losses of up to $100 million.
Rebranding Square to Block
In 2021, Jack Dorsey changed Square’s name to “Block” to reflect his growing interest in blockchain technology. The new name also symbolized the company’s transition from its original payment services. In 2022, Dorsey took on the new brand by calling himself the “Block Head,” a playful title that connected him to the company’s focus on blockchain and decentralized finance.
Dorsey Faces Pressure Over Election
In 2018, the US government questioned Twitter and other social media platforms. Dorsey and Facebook’s Sheryl Sandberg were asked about social media’s role in the 2016 presidential election.
After hours of questioning, Dorsey tweeted a picture of his heart rate to show the pressure he was under. Twitter was also accused of being biased against conservatives. This led to a drop in share prices, and in 2019, Twitter decided to ban political ads.
Musk Takes Over Twitter
Dorsey and Musk had a relationship even before Musk took over Twitter. In 2020, when there were reports that Elliott Management wanted to replace Dorsey as CEO, Musk supported Dorsey, calling him a “good heart.” Dorsey said Musk was one of his favorite Twitter users because his posts focused on solving big problems and sharing his ideas openly.
Both Dorsey and Musk were interested in cryptocurrencies. Dorsey saw Bitcoin as a way to challenge traditional financial systems. In late 2021, Dorsey announced he was leaving Twitter, saying he wanted the company to move away from its founders.
From Twitter to X
In 2022, after Musk bought Twitter, the platform was renamed “X.” This change was part of Musk’s plan to transform Twitter into an “everything app,” similar to WeChat in China, which combines messaging, payments, and other services into one platform. Musk wanted to develop the app’s features to include more than just social media.
From Twitter(X) to Crypto
In 2022, Jack Dorsey discussed how Bitcoin could help bring financial freedom to people worldwide, especially those without access to regular banking. He believes Bitcoin can give people more control over their money, moving away from traditional financial systems.
Dorsey left Twitter partly to focus on crypto and blockchain through his company, Block (formerly Square). He wanted to invest more time in decentralized finance (DeFi), which could change how people use and manage money.
Dorsey’s Vision for Cryptocurrency
Jack Dorsey believes Bitcoin is more than just digital money. He thinks it can help build a fairer financial system that banks or governments do not control. Dorsey sees Bitcoin as a tool for freedom, especially for people in countries with unstable economies or whose financial system is hard to access. He believes it gives people more control over their money.
Final Thoughts
Jack Dorsey has played a big role in changing social media and finance. He co-founded Twitter (now X), which changed how people communicate, and started Block (formerly Square), a company focused on payments and blockchain technology. Dorsey believes Bitcoin and decentralized finance can give people more control over their money and challenge traditional systems. As he focuses more on crypto, Dorsey is working towards creating a fairer financial future for everyone.
Check out these related articles.
