Benzinga | Aug 16, 2021 03:43PM EDT

Twitter's Decentralizing Social Media Initiative Bluesky Names Jay Graber As Lead

* Twitter Inc (NYSE:TWTR) CEO Jack Dorsey tweeted that Jay Graber will lead the company-sponsored Bluesky.

* Bluesky seeks to introduce new decentralized technology to gain respite from the web traffic dominance of companies like Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL), Google, and Facebook Inc (NASDAQ:FB).

* The appointment comes almost two years after Dorsey had announced the project.

* According to a Reuters report, the founder of social events firm Happenings Inc startup, Jay Graber, has worked as a cryptocurrency developer.

* Price Action: TWTR shares traded lower by 1.78% at $63.66 on the last check Monday.