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Twitter CEO Jack Dorsey Moving To Africa In 2020, Says The Continent Will "Define The Future"
It’s looking like more people are catching on to the excellence on the African continent, with the latest being Twitter CEO Jack Dorsey.
Dorsey has plans to move to the continent in 2020 for a period of three to six months. This decision comes after traveling to entrepreneurial hubs in Africa for a month.
He recently tweeted, “Sad to be leaving the continent..for now.”
The Twitter CEO went on to say, “Africa will define the future (especially the bitcoin one!). 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.”
During his month-long trip, Dorsey visited various entrepreneurs in Ethiopia, Ghana, Nigeria, and South Africa. He documented his trip by posting selfies with the entrepreneurs. Dorsey specifically shouted out “inventors in #Ethiopia” and shared how they are making moves towards “smart beehive, nutrient-rich hydroplane system, blockchain voting, contractions monitoring system, recycled bags into shoe polish, and post part hemorrhaging detection.”
Dorsey is also the CEO of Square, a mobile payments company.
According to CNBC, Square analysts view the continent as an under-served market. Since most African countries’ primary form of currency is in cash, digital payments through Cash App could see success on the continent.
Lisa Ellis, partner and senior equity analyst at MoffettNathanson, says expanding to Africa “fits tightly with Square’s mission to empower the individual entrepreneur and drive financial inclusion.”
Dorsey’s move to Africa will be the same year as the U.S.’s presidential election and as a result, social media companies may receive backlash for influencing politics. The CEO’s absence during that time could raise concern for Twitter investors.
“The Africa tweet raises eyebrows for investors as Dorsey is the CEO and visionary for Twitter at a time the company needs him at the helm. Dorsey has proven he can handle being CEO of two public companies which is a feat in itself, but investors are focused on Twitter further monetizing its advertising platform at a pivotal juncture which will make Dorsey’s African trip a scrutinized one by the Street if there is any speed bump.”