Jack Dorsey Stepping Down As Twitter CEO

Jack Dorsey, the co-founder and CEO of Twitter Inc., is stepping down, according to CNBC.

Dorsey, 45, is also the CEO of Square Inc., a payments startup.

Recently, he’s been increasingly interested in cryptocurrency.

CNBC did not immediately give any further information. The report, however, was ascribed to David Faber, a member of the company’s employees.

Dorsey hasn’t said anything about it on Twitter. Twitter is also deafeningly quiet about it.

Twitter shares jumped about 11% premarket on the news, Bloomberg reported.

According to CNBC, it is unclear who’s set to succeed Dorsey or the timing of a potential announcement.

Last year, Twitter shareholder Elliott Management attempted to unseat Dorsey as CEO, and he was forced to resign.

Before the investment firm struck an agreement with the company’s management, Elliott Management founder and billionaire investor Paul Singer questioned whether Dorsey should oversee both of the public firms, pushing on him to stand down as CEO of one of them.

Dorsey, who launched the social media behemoth, remained as CEO until 2008, when he was forced out.

He returned to Twitter as boss in 2015 after former CEO Dick Costolo stepped down.

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