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Twitter CEO Jack Dorsey expected to step down, says report; stock jumps

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%

Topics
Twitter | Jack Dorsey | Social Media

Reuters 

Jack Dorsey, Twitter
Twitter CEO Jack Dorsey | File photo

Inc Chief Executive Officer will step down from his role, a person familiar with the matter told Reuters.

Dorsey and Twitter's board have settled on his successor, the source said, without identifying the person by name.

The company's board has been preparing for Dorsey's departure since last year, the source added. The news comes as has accelerated the pace of its product innovation over the past year to compete with rivals such as Facebook Inc and TikTok, and to reach its goal of doubling annual revenue by 2023.

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%.

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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mon, November 29 2021. 20:15 IST
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