Dorsey to go abroad; Twitter heads south
Jack Dorsey revealed over the weekend that he plans to move to Africa for as much as six months in the middle of next year — despite the fact he’s running two big tech companies in Silicon Valley.
“Sad to be leaving the continent…for now,” the 43-year-old Dorsey, who is chief executive of both Twitter and Square, tweeted Friday.
Dorsey had spent the past few weeks on a tour of Ethiopia, Ghana, Nigeria and South Africa, meeting with local entrepreneurs doing everything from blockchain to smart beehives.
“Africa will define the future (especially the bitcoin one!),” Dorsey added. “Not sure where yet, but I’ll be living here for 3-6 months mid 2020. Grateful I was able to experience a small part.”
Dorsey didn’t elaborate on his plans, but the vague disclosure sent shares of Twitter tumbling 1.6 percent, to $30.42 on Monday. Shares of payments company Square tumbled 3. 2 percent to $66.88.
A Twitter rep said that the company had no comment beyond Dorsey’s tweet. A Square rep declined to comment.
“Wow Fendika is incredible,” Dorsey tweeted Friday from Ethiopia, posting photos of a local music group playing onstage.
“Are these still being made?” Dorsey tweeted earlier in the day, referring to a shoe brand called Soul of Africa that hires local farmers to make its shoes. “They should be! Incredible.”
The tech tycoon also posted a picture of Teff chips, made from the African grain, calling them “great.”
From Nigeria, Dorsey shared photos of himself meeting with Ngozi OkonjoIweala, a Twitter board member and former World Bank managing director, in the capital city of Abuja.