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Twitter Inc Chief ExecutiveOfficer Jack Dorsey is expected to step down, CNBC reported on Monday, citing sources.
Shares of the micro-blogging platform surged 9 per cent in early trading, while those of digital payments firm Square Inc, which is also helmed by Dorsey, were up 3 per cent.
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Jack Dorsey sells digital version of his first tweet for $2.9 million
Twitter CEO’s tweet from March 2006, which says "just setting up my twttr," was bought by Bridge Oracle CEO Sina EstaviTwitter was not immediately available for comment. In his last tweet on November 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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