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Twitter CEO Jack Dorsey To Step Down: Report

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Jack Dorsey

CNBC is reporting that Twitter CEO Jack Dorsey is “expected to step down” from his executive role on the popular platform.

Dorsey currently serves as both the CEO of Twitter and Square, his digital payments company.

As noted by CNBC’s Jessica Bursztynsky, “Dorsey faced an ousting last year when Twitter stakeholder Elliott Management had sought to replace Jack Dorsey as CEO. 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, before the investment firm reached a deal with the company’s management.”

It’s unclear who’s set to succeed Dorsey or the timing of a potential announcement. Twitter stock was up more than 11% on the news.

Twitter did not immediately respond to a request for comment from The Daily Boulder.

This is a developing story and will be updated.

Read it on CNBC.