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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%

Reuters

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Twitter CEO Jack Dorsey | File photo

1 min read Last Updated : Nov 29 2021 | 9:04 PM IST

Twitter Inc Chief Executive Officer Jack Dorsey 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 Twitter has accelerated the pace of its product innovation over the past year to compete with social media rivals such as Facebook Inc and TikTok, and to reach its goal of doubling annual revenue by 2023.

(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.)