Back in December 2019, Jack Dorsey, the founder and CEO of Twitter and payments operator Square (NYSE:SQ), announced a new team dubbed Bluesky, to work on decentralized social media standards. The news has gotten both the crypto and noncrypto communities abuzz — and for good reason.
Mr. Dorsey has not only spoken in favor of decentralized protocols but (as proven by his work at Square) has committed resources trying to get there. Advocates and thought leaders of Web 3.0 such as Vitalik Buterin, Fred Wilson and Brian Armstrong have applauded this decision as a signal of open protocol acceptance. While it’s too early to tell what Bluesky will end up becoming, there is one group who may find this declaration pequliar: Twitter’s shareholders.