Twitter CEO Jack Dorsey is Expected to Step Down: Report
Jack Dorsey has been in charge of Twitter since he founded the company for more than a decade and has built one of the most powerful social media companies in the world. Dorsey had expanded into other areas, with a recent interest in Bitcoin and cryptocurrencies.
Twitter Might Be Getting a New Boss
Jack Dorsey, the founder of social media giant Twitter, has been at the helm for more than a decade now. However, a recent CNBC report suggests that Dorsey might step down soon and hand the reins to another person.
Sources close to the matter told CNBC’s David Faber that Dorsey is expected to step down from his CEO role soon. However, they didn’t give a definite timeline as to when he will step down from the position or who will be tasked with running the affairs of the social media giant.
Twitter stakeholder Elliott Management had previously wanted to replace Dorsey as CEO last year but ultimately backed out after reaching an agreement with the company’s management. Dorsey is also the CEO of Square, a payment company.
The concerns have centered on Dorsey running two public companies. Some investors had called for Dorsey to resign as CEO of one of them so he could focus on the other. Dorsey’s recent interest in Bitcoin could see him focus on Square if he resigns as Twitter CEO.
TWTR Rallies by Over 3%
The shares of Twitter have been rallying since the reports suggest that Jack Dorsey Could be stepping down as the company’s CEO. At press time, TWTR is trading at $48 per share, up by 3.3% over the past 24 hours.
The shares of the company have underperformed since the start of the year. Year-to-date, TWTR is down by over 10%, underperforming against other social media companies such as Meta. The news could send TWTR’s price higher over the coming hours and days.
Twitter is yet to comment on this latest development.