Twitter CEO Jack Dorsey Expected to Step Down, Sources Say
Activist investor Paul Singer has questioned whether Dorsey should lead both Twitter and Square, saying he should leave his CEO position at one company or the other.
Twitter CEO Jack Dorsey is expected to leave his executive role, sources tell CNBC.
Dorsey is currently the CEO of both Twitter and Square, his digital-payments company.
Twitter stakeholder Elliott Management looked into replacing Dorsey as CEO in 2020, but the investment firm came to an agreement with the company's management to let him continue in the role.
Elliott Management's billionaire founder, famed activist investor Paul Singer, has questioned whether Dorsey should lead both of the public companies, saying he should leave his CEO position at one or the other.
Although Dorsey's successor has yet to be announced, one thing is certain: The company's next CEO will have to meet Twitter's ambitious internal objectives, which include having 315 million monetizable daily active users by the end of 2023 and at least doubling its annual revenue in that year.
Twitter stock jumped more than 5% on the news of Dorsey's impending departure.
This wouldn't be the first time Dorsey has stepped down from his CEO role at Twitter. After founding the company in 2006, he served as its CEO until he was edged out of the role in 2008. He returned in 2015 after former CEO Dick Costolo stepped down.