Twitter CEO Jack Dorsey is expected to step down from his role.
The news comes as Twitter has accelerated the pace of its product innovation over the past year to compete with social media rivals such as Facebook Inc (FB.O) and TikTok, and to reach its goal of doubling annual revenue by 2023.
Shares of the microblogging platform surged 9% in early trading, while those of digital payments firm Square Inc (SQ.N), of which Dorsey is also chief executive, were up 3%.
Trading in the shares was then suspended ahead of an expected announcement.
In his latest tweet on Nov. 28, Jack Dorsey said: “I love Twitter”. The “likes” on that tweet surged to more than 54,000 on Monday.
In early 2020, Dorsey faced calls from Elliott Management Corp to step down, after the hedge fund argued THAT he was paying too little attention to Twitter while also running payments processing company Square Inc.
Jack Dorsey fended off the pressure by giving Elliott and its ally, buyout firm Silver Lake Partners, seats on Twitter’s board.
It’s unclear who’s set to succeed Dorsey or the timing of a potential announcement. It’s also unknown why Dorsey, 45, would take a step back. But if he steps down, the next CEO will have to meet Twitter’s aggressive internal goals. The company said earlier this year it aims to have 315 million monetizable daily active users by the end of 2023 and to at least double its annual revenue in that year.
Infoexpert24 will bring you updates as the story unfolds.