According to a media report, the co-founder and boss of Twitter will resign from his post.
(Photo: Reuters)
Dusseldorf Jack Dorsey is about to step down as Twitter CEO, according to a report from CNBC. CNBC relies on information from insiders. The share price of the short message service shot up by more than eleven percent after the news became known, but the shares immediately gave back part of the profits.
Apparently, Dorsey is bowing to pressure from hedge fund and Twitter shareholder Elliott, who tried to replace him as Twitter boss in 2020. Elliott founder Paul Singer had criticized Dorsey’s dual role as CEO of Twitter and the payment service provider Square, which he also founded, and urged him to quit one of his top positions.
It is unclear who will succeed Dorsey in the event of his resignation, writes CNBC. But should he step down, the next CEO will have to meet Twitter’s aggressive internal goals. The company said earlier this year it wanted to have around 315 million daily active users by the end of 2023 and at least double its annual revenue this year.
More: The Square boss is planning another attack on the banking world
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