Jack Dorsey, the chief executive officer of microblogging platform Twitter Inc., is expected to step down, CNBC
reported on Monday, citing sources.
reported on Monday, citing sources.
Shares of the San Francisco, California-based firm surged 9% in early trading, while those of Square Inc., which is also helmed by Dorsey, were up 3%.
Twitter was not immediately available for comment. In his last tweet on Nov. 28, Dorsey had said, “I love twitter”.
In early 2020, Dorsey
faced calls from Elliott Management Corp. to step down, after the hedge fund argued he was paying too little attention to Twitter while also running payments processing company Square Inc. Dorsey fended off this pressure by giving Elliott and its ally, buyout firm Silver Lake Partners, seats on Twitter’s board.
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