Twitter CEO Jack Dorsey will step down from his role and a successor is confirmed, said a person familiar with the matter.
CEO Jack Dorsey. (Photo: Reuters)
Twitter Inc (TWTR.N) chief executive officer Jack Dorsey will step down from his role and a successor has been appointed, a person familiar with the matter told Reuters. The company’s board of directors has been preparing for Dorsey’s departure since last year, the source said.
The news comes as Twitter accelerated the pace of its product innovations over the past year to compete with social media rivals like Facebook Inc (FB.O) and TikTok and achieve its goal of doubling annual sales by 2023.
Twitter was not immediately available for comment.
The shares of the microblogging platform rose 9% in early trading, while those of digital payments company Square Inc (SQ.N), of which Dorsey is also the CEO, rose 3%. Trading in the shares was then suspended ahead of an expected announcement.
In his latest tweet on November 28th, Dorsey said, “I love Twitter”. The “likes” for this tweet rose to more than 54,000 on Monday.
I love twitter
– latch (@ latch) November 28, 2021
CNBC was the first to report Dorsey’s move.
In early 2020, Dorsey was told by Elliott Management Corp to step down after the hedge fund argued it was paying too little attention to Twitter while also running payment processing company Square Inc.
Dorsey fought off pressure by getting Elliott and his ally, buyout firm Silver Lake Partners, seats on the Twitter board of directors.
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