Jack Dorsey, CEO of Twitter and Square at the Bitcoin 2021 conference in Miami in June.
Eva Marie Uzkategi / Bloomberg / Getty Images
Twitter CEO Jack Dorsey will step down as head of social networks, CNBC and other media reported Monday. The social network board has been preparing for Dorsey’s resignation since last year, with successors lined up, according to Reuters.
Dorsey is not only the CEO of Twitter, but also the CEO of the payments company Square. Dorsey, who co-founded Twitter, has been the CEO of social networks since 2015, following Dick Costolo’s resignation. He also briefly served as Twitter’s first CEO in 2007.
In 2020, Dorsey managed to overcome the efforts of activist investor Elliott Management founder Paul Singer and expelled him as CEO of Twitter. One of the reasons Elliott reportedly promoted the acquisition is that Dorsey’s time is divided into two public company operations.
Twitter did not respond to the request for comment. The company’s share price soared in response to the news, but at the time of this report it had settled down to more than 3%.
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