THE INTERNET. (THECOUNT) — Jack Dorsey, one of the founders of Twitter, is expected to step down from his CEO role, reports say Monday. The news caused the company stock to make a massive jump up.
A report from CNBC says Dorsey, who is both the CEO of Twitter and Square, is expected to step down from his executive role with Twitter as early as Monday. After the news, the stock jumped 11%, reports TMZ.
It was just last year when Elliott Management, a major Twitter stakeholder, had wanted Dorsey to step down, under the belief it was hard for him to effectively run both Twitter and Square at the same time. Both had come to an agreement back then to keep Jack on, but clearly, they’ve now decided differently.
Twitter was founded in 2006 by Dorsey, Biz Stone, Noah Glass and Ev Williams. Dorsey first served as CEO until 2008 and then took back over in 2015. He founded Square — a digital payment company — in 2009 and will almost certainly keep his role there.
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