Twitter CEO Jack Dorsey is expected to step down from his executive role, CNBC reported, citing sources.
Shares of the social media company spiked more than 11 percent on the news.The stock was last seen trading more than 5 percent higher, at $49.69 per share.
Critics of Dorsey have long been skeptical of his dual roles as CEO of both Twitter and payment-processing firm Square, charging that he can’t effectively manage both multi-billion dollar companies.
Elliott Management, the New York-based hedge fund run by billionaire Paul Singer, has previously disclosed a substantial stake in Twitter. In 2020, the hedge fund sought to replace Dorsey as CEO and force the company to make other changes to its corporate structure.
Twitter and Elliott later reached an agreement that saw Dorsey keep his job. But at the same time, Twitter agreed to add three new directors to its board, including Elliott partner Jesse Cohn.
It’s not clear who would succeed Dorsey, CNBC reported. The replacement will be expected to meet Twitter’s ambitious internal goals, which were set as part of its agreement with Elliott last year.
Representatives for Twitter did not immediately return The Post’s request for comment.
This story is breaking. More to come.