BREAKING: Jack Dorsey Expected To Step Down From Twitter CEO Role
According to sources speaking with CNBC’s David Faber, Twitter CEO Jack Dorsey is set to step down from his executive position as the CEO of Twitter.
BREAKING: Twitter CEO Jack Dorsey expected to step down – sources (via @davidfaber) https://t.co/x8auhI1gv8
— CNBC Now (@CNBCnow) November 29, 2021
Following the announcement, Twitter’s stock jumped by more than 5%.
Twitter stock price up 12.6% premarket after Jack announces he's stepping down as CEO pic.twitter.com/GEzqQ6M2nR
— Dr. Parik Patel, BA, CFA, ACCA Esq. 💸 (@ParikPatelCFA) November 29, 2021
Dorsey is currently the CEO of both Twitter and his digital payment company, Square.
It’s not clear who will take over for Dorsey, or when a potential announcement would be made. It’s also unclear why Dorsey would take a step back from his current position. However, if he decides to step down, the incoming CEO will be required to satisfy Twitter’s stringent internal objectives. Earlier this year, the firm stated that it hoped to have 315 million monetizable daily active users by the end of 2023 and that it hoped to at least double its annual income during that year.
Last year, Twitter investor Elliott Management attempted to unseat Dorsey as CEO. Elliott Management’s founder and billionaire investor Paul Singer expressed concern about whether Dorsey should be in charge of two public firms (Twitter and Square) and called for him to resign from his position as CEO of one of them, before settling with the company’s management.
The social media platform Twitter did not reply to CNBC’s requests for comment.
After founding Twitter in 2004, Dorsey served as its CEO until 2008, when he was forced out of the position. After previous CEO Dick Costolo stepped down from his position, he returned to Twitter as CEO in 2015.
Stay tuned to The Scoop for any updates.
