FILE PHOTO: Twitter CEO Jack Dorsey testifies during a remote video hearing held by subcommittees of the U.S. House of Representatives Energy and Commerce Committee on “Social Media’s Role in Promoting Extremism and Misinformation” in Washington, U.S., March 25, 2021. U.S. House of Representatives Energy and Commerce Committee/Handout via Reuters
November 29, 2021
(Reuters) -Twitter Inc Chief Executive Officer Jack Dorsey is expected to step down, CNBC reported https://cnb.cx/3pbZGzW on Monday, citing sources.
Shares of the microblogging platform surged 9% in early trading, while those of digital payments firm Square Inc, which is also helmed by Dorsey, were up 3%.
Twitter was not immediately available for comment. In his last tweet on Nov. 28, Dorsey had said https://twitter.com/jack/status/1464865985471471616: “I love twitter”.
In early 2020 https://reut.rs/3E6Nfvh, Dorsey faced calls from Elliott Management Corp to step down, after the hedge fund argued he was paying too little attention to Twitter while also running payments processing company Square Inc.
Dorsey fended off this pressure by giving Elliott and its ally, buyout firm Silver Lake Partners, seats on Twitter’s board.
(Reporting by Subrat Patnaik in Bengaluru; Editing by Shinjini Ganguli)
