SAN FRANCISCO — Jack Dorsey, renowned tech entrepreneur and former CEO of X ( Twitter), has officially called it quits on his much-hyped project, "Web5." The enigmatic venture had been shrouded in secrecy, sparking curiosity and speculation within the tech community.

For months, whispers of Web5 had circulated among tech enthusiasts, leading to wild speculation about its potential impact on the digital landscape. Speculators pondered whether Dorsey's project would disrupt the social media space, pioneer groundbreaking crypto algorithms, or introduce a radical new form of e-commerce.

Dorsey's vision was rooted in a desire to strip away the complexities of the modern internet, advocating for a more authentic and straightforward online experience. The aim was to create a virtual haven that harkened back to the simplicity of the web's origins but achieved with the technology of the future: blockchain cryptocurrencies.

As Dorsey took the stage to unveil Web5, another surprising twist emerged. He announced that he would be stepping down from the project's helm, leaving it in a state of self-governance. “Remember Web5?,” Dorsey asked. “Well, never mind about all that.” Dorsey quietly walked off stage and the auditorium's lights were turned back up, signaling the end of the event.

When reporters followed up with him about what his next project would be, Dorsey took to his old platform to Tweet out his response: “A.I.2”.

Bitcoin is up 3% on the news.

For more mostly credible web3 news, follow @therugnews on X.

Join the Discord

November Rug Crew Badge

Grab the latest crew badge and sew it directly onto your Degen Scouts sash.