Twitter Chief Executive Officer Jack Dorsey is expected to step down, CNBC reported on Monday, citing sources.
Shares of the microblogging platform surged 9% in early trading, while those of digital payments firm 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”.
I love twitter
— jack⚡️ (@jack) November 28, 2021
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.