Shock As Jack Dorsey Twitter CEO Steps Down
Jack Dorsey Twitter CEO steps down from his duty as the company’s CEO.
Dorsey, 45, who is also the CEO of Square Inc., a payments startup, is thought to have recently developed an interest in cryptocurrencies.
Dorsey hasn’t said anything about it on Twitter, and Twitter hasn’t said anything either.
Twitter’s stock rose 11% in premarket trading on the announcement.
It’s unknown who will succeed Dorsey or when an announcement will be made.
Last year, Twitter shareholder Elliott Management attempted to unseat Dorsey as CEO, by forcing him to resign.
Elliott Management founder and billionaire investor Paul Singer has questioned whether Dorsey should oversee both public firms, urging him to resign as CEO of one before the investment firm could reach an agreement with the company’s management.
Dorsey, who launched the social media behemoth, served as CEO until 2008, when he was forced out.
After former CEO Dick Costolo stepped down in 2015, he returned to Twitter as CEO.