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As Elon Musk drags Twitter and its users through more and more turbulence, its founder Jack Dorsey has made a supportive observation from the sidelines.

He posted that “Running Twitter is hard” and “it’s easy to critique the decisions from afar”.

The 46-year-old billionaire left the platform he co-founded in 2006 to launch what he calls a “decentralised” alternative, which looks a lot like Twitter.

But while Dorsey rolls out Bluesky Social and continues to sing the praises of Bitcoin, Twitter users are left at the whim of his former favourite Tweeter.

Here Sky News looks at how Twitter’s founder got to where he is.

Twitter CEO and co-founder Jack Dorsey gestures while interacting with students at the Indian Institute of Technology (IIT) in New Delhi on November 12, 2018. - Dorsey hosted a town hall meeting with university students on his visit to the Indian capital New Delhi. (Photo by Prakash SINGH / AFP)        (Photo credit should read PRAKASH SINGH/AFP/Getty Images)
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Addressing students at the Indian Institute of Technology

Self-made taxi dispatch developer

Dorsey was born in St Louis, Missouri in 1976. His father developed spectrometers.

By the time he was 14 he’d developed an unusual interest in the software that dispatches taxis.

He went to the University of Missouri-Rolla at 19 and transferred to New York University two years later, but dropped out a semester before he was due to graduate.

Instead he moved to California, where he created his own company to send out taxis, couriers and emergency service vehicles via the internet.

While working as a programmer for the dispatch platform in 2000, he decided he wanted to create a messaging service to update his friends on what he was doing – without having to sit in front of a computer.

He approached a podcasting company called Odeo, where he got a job alongside Christopher ‘Biz’ Stone, Evan Williams and Noah Glass – who would become his Twitter co-founders.

Twitter co-founders Dorsey (left), Biz Stone (second left) and Evan Williams celebrate stock exchange listing with Dick Costolo in 2013
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Twitter co-founders Dorsey (left), Biz Stone (second left) and Evan Williams celebrate stock exchange listing with Dick Costolo in 2013

Although Dorsey had been inspired by instant messaging platforms such as AOL and MSN, he and Stone decided a text-based service would better suit his status-update idea.

In two weeks they’d built a prototype for Twitter.

When Odeo went out of business in 2006, Dorsey returned to the messaging idea and officially launched ‘Twittr’ in March that year, making himself chief executive.

Dorsey in October 2010
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Dorsey in October 2010

Overnight billionaire

Dorsey secured the support of venture capitalists and as celebrities signed up the app grew in popularity.

Two years later, Dorsey moved from chief executive to chairman of the board, reportedly having often left work early to prioritise hobbies such as yoga and fashion design.

When he was younger he briefly dabbled with modelling.

Jack Dorsey, interim CEO of Twitter and CEO of Square, goes for a walk on the first day of the annual Allen and Co. media conference in Sun Valley
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Seen in 2016

In 2009 he courted controversy after joining a US State Department trip to Iraq. Designed to rebuild tech hopes there after the fall of Saddam Hussein, the trip itself was fairly uneventful.

But later that year when the Green Revolution happened, Dorsey agreed to reschedule planned maintenance to Twitter’s servers so protesters could still communicate.

It was seen as a breach of policy given President Barack Obama had promised the US would not meddle in Iraq’s affairs. Dorsey went to Russia on another State Department delegation the following year.

Dorsey and President Barack Obama at Twitter's town hall in 2011
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Dorsey and President Barack Obama at Twitter’s town hall in 2011

In 2011 he invited Mr Obama to Twitter’s first ever town hall – where he had to remind him to keep his answers to 140 characters.

Two years later, although it hadn’t been launched with profit in mind, Twitter became a listed company, making Dorsey an overnight billionaire.

Read more:
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When in 2015 the company’s replacement chief executive Dick Costolo announced his resignation, Dorsey returned as interim – but took up the post on a permanent basis in October.

Meanwhile back in 2010 Dorsey had begun splitting his time between Twitter and a new venture – Square – technology that transformed smartphones and tablets into debit card readers for small businesses.

But as competitors launched rival products, it began to struggle with losses of up to $100million (£79m).

LAS VEGAS, NEVADA - JANUARY 09: Twitter CEO Jack Dorsey speaks during a press event at CES 2019 at the Aria Resort & Casino on January 9, 2019 in Las Vegas, Nevada. CES, the world's largest annual consumer technology trade show, runs through January 11 and features about 4,500 exhibitors showing off their latest products and services to more than 180,000 attendees. (Photo by David Becker/Getty Images)
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Pictured in 2019

Dorsey rebranded Square ‘Block’ in 2021, in reference to his interest in Blockchain, officially giving himself the job title ‘Block Head’ in 2022.

Back at Twitter in 2016, the 140-character limit was effectively increased by no longer including links or photos in the count. The decision was a bid to attract new users – as the number of daily tweets had fallen globally.

A year later it increased again – doubling to 280 characters.

Tech moving faster than policy

In 2018, Twitter and other social media platforms began having to answer to the US government.

The first time Dorsey testified, alongside then-Facebook chief operating officer Sheryl Sandberg, he was quizzed on interference in the 2016 presidential election.

Hours of questioning saw Dorsey post a picture of his heartrate on Twitter. The platform was also accused of anti-Conservative bias, share prices fell, and the decision was made to ban all political advertising the following year.

Dorsey and Facebook's Sheryl Sandberg give evidence to Congress in 2018
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Dorsey and Facebook’s Sheryl Sandberg give evidence to Congress in 2018

During his time in office, Dorsey met with President Donald Trump, who had expressed concern his followers were being removed.

Dorsey oversaw misinformation warning labels applied to some of Mr Trump’s tweets during his 2020 election campaign and the permanent suspension of his account following the Capitol riots of January 2021.

Mr Trump set up his own platform – Truth Social, while Dorsey stuck by the ban, but also expressed concerns it set a “dangerous precedent”.

He appeared before Congress on two other occasions as Twitter boss – once in October 2020 and again the following month.

Dorsey gives evidence to Congress via videolink in 2020
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Dorsey gives evidence to Congress via videolink in 2020

The first time, in front of the US Senate Commerce Committee, he answered questions alongside Facebook and Google executives about a law that protects tech companies for being prosecuted over content generated on their platforms.

Dorsey said changing it would “collapse how we communicate on the Internet”.

The following month he gave evidence alongside Facebook founder Mark Zuckerberg on how content was moderated around the 2020 election.

When COVID emerged in 2020 the Twitter founder promised to donate $1bn (£0.79bn) of his total wealth to relief programmes.

The following year when the Delta variant hit India, he donated £15m (£11.8m) to support programmes there.

The pandemic scuppered plans he’d announced in 2019 to move to Africa. He said the continent would “define the future (especially the bitcoin one!)”.

Tesla founder Elon Musk
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Elon Musk

Musk takes Twitter

Dorsey and Musk’s relationship predates his ill-fated takeover.

When in 2020 it was reported that one of Twitter’s investors Elliott Management was trying to replace Dorsey as chief executive, Musk tweeted his support, saying he had a “good heart”.

In return, Dorsey said Musk was one of his favourite Twitter users and that his updates “focused on solving existential problems and sharing his thinking openly”.

The founder added that he enjoyed the “ups and downs” of Musk’s use of his site – something he may have later come to regret – to which Musk replied: “Twitter rocks!”

They shared an enthusiasm for cryptocurrencies, with Dorsey describing Bitcoin – or ‘The B Word’ as he calls it – as “direct activism against an… exclusionary financial system”.

In late-2021 Dorsey announced he was leaving Twitter in a staff email posted to his account, claiming he wanted to move the firm away from its “founding and founders”.

Musk, believed to be the wealthiest person in the world, began buying shares in Twitter at the beginning of 2022.

By April he was the biggest shareholder, with a 9.1% stake.

He was invited to join the board of directors – and despite initially turning the role down – then made an unsolicited offer to buy the entire company for $44bn (£34.5bn).

By July, Musk had said he wanted to back out of the deal as Twitter had failed to uphold its promise of cracking down on spambot accounts.

The move triggered legal action against Musk – who just weeks before a trial was due to start in Delaware – gave in and decided to go ahead, closing the deal in November.

Musk began by firing half Twitter’s employees, including the chief executive, which then triggered mass resignations.

After a tumultuous few months in the job, in which he expressed regret for buying the platform, he has made several chaotic changes and given up the job of chief executive.

Twitter and Bluesky logos are seen in this illustration taken November 7, 2022. REUTERS/Dado Ruvic/Illustration
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Twitter and Bluesky logos are seen in this illustration taken November 7, 2022. REUTERS/Dado Ruvic/Illustration


Beginnings of Bluesky

Dorsey, meanwhile has been working on a Twitter successor, Bluesky Social.

He started it in 2019, but soft launched it with a beta version in late-2022.

Having seen Twitter grow at dizzying speed, he is rolling out membership on an invite-only basis.

Bluesky is a “decentralised” platform, which Dorsey hopes will stop the kind of hostile concentration of power we’ve seen with Musk.

He retains a 2.4% stake in Twitter.

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Lloyds Banking Group in talks to buy digital wallet provider Curve

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Lloyds Banking Group in talks to buy digital wallet provider Curve

Britain’s biggest high street bank is in talks to buy Curve, the digital wallet provider, amid growing regulatory pressure on Apple to open its payment services to rivals.

Sky News has learnt that Lloyds Banking Group is in advanced discussions to acquire Curve for a price believed to be up to £120m.

City sources said this weekend that if the negotiations were successfully concluded, a deal could be announced by the end of September.

Curve was founded by Shachar Bialick, a former Israeli special forces soldier, in 2016.

Three years later, he told an interviewer: “In 10 years time we are going to be IPOed [listed on the public equity markets]… and hopefully worth around $50bn to $60bn.”

One insider said this weekend that Curve was being advised by KBW, part of the investment bank Stifel, on the discussions with Lloyds.

If a mooted price range of £100m-£120m turns out to be accurate, that would represent a lower valuation than the £133m Curve raised in its Series C funding round, which concluded in 2023.

More on Lloyds

That round included backing from Britannia, IDC Ventures, Cercano Management – the venture arm of Microsoft co-founder Paul Allen’s estate – and Outward VC.

It was also reported to have raised more than £40m last year, while reducing employee numbers and suspending its US expansion.

In total, the company has raised more than £200m in equity since it was founded.

Curve has been positioned as a rival to Apple Pay in recent years, having initially launched as an app enabling consumers to combine their debit and credit cards in a single wallet.

One source close to the prospective deal said that Lloyds had identified Curve as a strategically attractive bid target as it pushes deeper into payments infrastructure under chief executive Charlie Nunn.

Lloyds is also said to believe that Curve would be a financially rational asset to own because of the fees Apple charges consumers to use its Apple Pay service.

In March, the Financial Conduct Authority and Payment Systems Regulator began working with the Competition and Markets Authority to examine the implications of the growth of digital wallets owned by Apple and Google.

Lloyds owns stakes in a number of fintechs, including the banking-as-a-service platform ThoughtMachine, but has set expanding its tech capabilities as a key strategic objective.

The group employs more than 70,000 people and operates more than 750 branches across Britain.

Curve is chaired by Lord Fink, the former Man Group chief executive who has become a prolific investor in British technology start-ups.

When he was appointed to the role in January, he said: “Working alongside Curve as an investor, I have had a ringside seat to the company’s unassailable and well-earned rise.

“Beginning as a card which combines all your cards into one, to the all-encompassing digital wallet it has evolved into, Curve offers a transformative financial management experience to its users.

“I am proud to have been part of the journey so far, and welcome the chance to support the company through its next, very significant period of growth.”

IDC Ventures, one of the investors in Curve’s Series C funding round, said at the time of its last major fundraising: “Thanks to their unique technology…they have the capability to intercept the transaction and supercharge the customer experience, with its Double Dip Rewards, [and] eliminating nasty hidden fees.

“And they do it seamlessly, without any need for the customer to change the cards they pay with.”

News of the talks between Lloyds and Curve comes days before Rachel Reeves, the chancellor, is expected to outline plans to bolster Britain’s fintech sector by endorsing a concierge service to match start-ups with investors.

Lord Fink declined to comment when contacted by Sky News on Saturday morning, while Curve did not respond to an enquiry sent by email.

Lloyds also declined to comment, while Stifel KBW could not be reached for comment.

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UK economy figures not as bad as they look despite GDP fall, analysts say

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UK economy figures not as bad as they look despite GDP fall, analysts say

The UK economy unexpectedly shrank in May, even after the worst of Donald Trump’s tariffs were paused, official figures showed.

A standard measure of economic growth, gross domestic product (GDP), contracted 0.1% in May, according to the Office for National Statistics (ONS).

Rather than a fall being anticipated, growth of 0.1% was forecast by economists polled by Reuters as big falls in production and construction were seen.

It followed a 0.3% contraction in April, when Mr Trump announced his country-specific tariffs and sparked a global trade war.

A 90-day pause on these import taxes, which has been extended, allowed more normality to resume.

This was borne out by other figures released by the ONS on Friday.

Exports to the United States rose £300m but “remained relatively low” following a “substantial decrease” in April, the data said.

More on Inflation

Overall, there was a “large rise in goods imports and a fall in goods exports”.

A ‘disappointing’ but mixed picture

It’s “disappointing” news, Chancellor Rachel Reeves said. She and the government as a whole have repeatedly said growing the economy was their number one priority.

“I am determined to kickstart economic growth and deliver on that promise”, she added.

But the picture was not all bad.

Growth recorded in March was revised upwards, further indicating that companies invested to prepare for tariffs. Rather than GDP of 0.2%, the ONS said on Friday the figure was actually 0.4%.

It showed businesses moved forward activity to be ready for the extra taxes. Businesses were hit with higher employer national insurance contributions in April.

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The expansion in March means the economy still grew when the three months are looked at together.

While an interest rate cut in August had already been expected, investors upped their bets of a 0.25 percentage point fall in the Bank of England’s base interest rate.

Such a cut would bring down the rate to 4% and make borrowing cheaper.

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Is Britain going bankrupt?

Analysts from economic research firm Pantheon Macro said the data was not as bad as it looked.

“The size of the manufacturing drop looks erratic to us and should partly unwind… There are signs that GDP growth can rebound in June”, said Pantheon’s chief UK economist, Rob Wood.

Why did the economy shrink?

The drops in manufacturing came mostly due to slowed car-making, less oil and gas extraction and the pharmaceutical industry.

The fall was not larger because the services industry – the largest part of the economy – expanded, with law firms and computer programmers having a good month.

It made up for a “very weak” month for retailers, the ONS said.

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UK economy remains fragile – and there are risks and traps lurking around the corner

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UK economy remains fragile - and there are risks and traps lurking around the corner

Monthly Gross Domestic Product (GDP) figures are volatile and, on their own, don’t tell us much.

However, the picture emerging a year since the election of the Labour government is not hugely comforting.

This is a government that promised to turbocharge economic growth, the key to improving livelihoods and the public finances. Instead, the economy is mainly flatlining.

Output shrank in May by 0.1%. That followed a 0.3% drop in April.

Ministers were celebrating a few months ago as data showed the economy grew by 0.7% in the first quarter.

Hangover from artificial growth

However, the subsequent data has shown us that much of that growth was artificial, with businesses racing to get orders out of the door to beat the possible introduction of tariffs. Property transactions were also brought forward to beat stamp duty changes.

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In April, we experienced the hangover as orders and industrial output dropped. Services also struggled as demand for legal and conveyancing services dropped after the stamp duty changes.

Many of those distortions have now been smoothed out, but the manufacturing sector still struggled in May.

Signs of recovery

Manufacturing output fell by 1% in May, but more up-to-date data suggests the sector is recovering.

“We expect both cars and pharma output to improve as the UK-US trade deal comes into force and the volatility unwinds,” economists at Pantheon Macroeconomics said.

Meanwhile, the services sector eked out growth of 0.1%.

A 2.7% month-to-month fall in retail sales suppressed growth in the sector, but that should improve with hot weather likely to boost demand at restaurants and pubs.

Struggles ahead

It is unlikely, however, to massively shift the dial for the economy, the kind of shift the Labour government has promised and needs in order to give it some breathing room against its fiscal rules.

The economy remains fragile, and there are risks and traps lurking around the corner.

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Is Britain going bankrupt?

Concerns that the chancellor, Rachel Reeves, is considering tax hikes could weigh on consumer confidence, at a time when businesses are already scaling back hiring because of national insurance tax hikes.

Inflation is also expected to climb in the second half of the year, further weighing on consumers and businesses.

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