Twitter shares jump 10% following news that Jack Dorsey will step down as CEO

CNBC reported on Monday based on unnamed sources that Jack Dorsey is expected to step down as the CEO of Twitter. Shares of the popular microblogging platform jumped as much as 10% in early trading following the report. 

Shares of Jack Dorsey’s financial services and digital payments company Square also rose 3%.

While Twitter has not yet made a statement on the subject, Dorsey said “I love twitter” in his latest tweet on November 28.

Dorsey became CEO of Twitter in 2006 before being boosted in 2008. He became CEO again when he launched the digital payments company Square in 2015.

Elliott Management had sought to replace Jack Dorsey as CEO in 2020 before the investment firm reached a settlement with company management.

Paul Singer, founder of Elliott Management and billionaire investor, had wondered if Dorsey should run both publicly traded companies and had asked him to step down as CEO of one of them.

Written by Maya Robertson

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