CALIFORNIA (Newsmax): Twitter Chief Executive Officer Jack Dorsey is expected to step down, according to multiple reports citing unnamed sources.
Shares of the microblogging platform surged in early trading after CNBC was first to report the expected move, and shares of digital payments firm Square Inc., which is also helmed by Dorsey.
Dorsey and Twitter’s board have settled on his successor, a source told reuters, without identifying the person by name.
The company’s board has been preparing for Dorsey’s departure since last year, the source added.
Twitter 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 Square.