Twitter CEO Jack Dorsey is expected to step down from his executive role, according to CNBC’s David Faber.
Twitter stock jumped more than 11% after the news.
Dorsey currently serves as both the CEO of Twitter and Square, his digital payments company. Twitter stakeholder Elliott Management had sought to replace Jack Dorsey as CEO in 2020 before the investment firm reached a deal with the company’s management.
Elliott Management founder and billionaire investor Paul Singer had wondered whether Dorsey should run both of the public companies, calling for him to step down as CEO of one of them.
Twitter did not respond to a request for comment.