According to CNBC’s report, Jack Dorsey, CEO of Twitter, plans to retire from his executive position soon.
Dorsey is also the CEO of Square, a digital payments company. This unusual dual role has created friction with investors over time. After a long absence from Twitter’s executive suite, Dorsey was back in the corner office in 2015. Last year, Elliott Management, the activist firm that had previously targeted AT&T, agitated for Dorsey’s removal as CEO before ultimately reaching a settlement with the company’s management.
David Faber, a longtime anchor on CNBC’s Squawk boxAccording to, the move is expected in the “near term” but conceded he didn’t know “much else”About the situation. He cited “many people”Kenneth Dorsey, the company and its sources.
On the news of higher trading volumes, shares in the social media giant rose more than 3 percent to $48.68. The stock rose more than 10% in the few minutes following CNBC’s report. However, it was not until the news that the stock had stopped falling.
Twitter stock fell after big gains in 2020. This is because the company struggled with advertising volatility, and also tried to clarify its content moderation strategies. Twitter banned several users, including Donald Trump, who were accused of encouraging violence and spreading misinformation. Dorsey was called as one of the tech CEOs to testify before Congress in this year’s hearings about the role that tech platforms played in the January 6th attack and radicalization generally.
Twitter reported strong financial results during the third quarter. However litigation charges cut into its profits. It reported that it has 211 million active users per day as of September 30.
Here is most of Faber’s report:
BREAKING NEWS: Sources say that Twitter CEO Jack Dorsey will resign. https://t.co/T4ATgiGxbJ pic.twitter.com/DB2rhBvwrX
— CNBC (@CNBC) November 29, 2021