Axios

Early metaverse architect Philip Rosedale is no longer confident the metaverse will be a huge hit, despite the surging interest from Meta (fka Facebook) and many other companies.

Driving the news: Rosedale, who evangelized the concept of an immersive virtual world while overseeing the storied platform “Second Life” a decade ago, shared more tempered thoughts in an interview with Axios.

Twitter co-founder and CEO Jack Dorsey is exiting the company he helped build at a time when its future has never been so uncertain.

Why it matters: The person who controls Twitter controls the de facto public square — with implications for politics, media and free speech.

Jack Dorsey on Monday took aim at Silicon Valley's conventional wisdom that tech companies are best served when their founder retains control while explaining his rationale for resigning as Twitter's CEO:

“There’s a lot of talk about the importance of a company being ‘founder-led.’ Ultimately I believe that’s severely limiting and a single source of failure. I’ve worked hard to ensure this company can break away from its founders and its founding.”

Jack Dorsey is stepping down as CEO of Twitter, the company announced Monday. He will be succeeded by CTO Parag Agrawal, effective immediately.

The big picture: Dorsey is also the CEO of financial payments company Square, which he co-founded in 2009, and has become a crypto evangelist in recent years.

A well-funded and intensely motivated chunk of tech's hive mind is finding common cause in a vast new project: rebuilding the web on a foundation of cryptocurrency and blockchain tech. They call it "Web3."

The big picture: Developers, investors and early adopters imagine a future in which the technologies that enable Bitcoin and Ethereum will break up the concentrated power today's tech giants wield and usher in a golden age of individual empowerment and entrepreneurial freedom.

U.S. Commerce Secretary Gina Raimondo will call on House lawmakers to pass a bill boosting funding for semiconductor manufacturing during a speech in Detroit on Monday.

Why it matters: A global chip shortage is slowing production of everything from appliances to vehicles. The Senate in June passed a bill that includes $52 billion for domestic semiconductor manufacturing, but the House has yet to act.