JUST IN: Twitter CEO, Jack Dorsey To Step Down As CEO

Twitter CEO, Jack Dorsey is expected to step down from his executive role, sources told CNBC’s David Faber.

Twitter stock jumped more than 11% following the news.

Dorsey currently serves as both the CEO of Twitter and Square, his digital payments company. Twitter stakeholder Elliott Management had sought to replace Jack Dorsey as CEO in 2020 before the investment firm reached a deal with the company’s management.

Elliott Management founder and billionaire investor, Paul Singer had questioned whether Dorsey should run both of the public companies, calling for him to step down as CEO of one of them.

It’s unclear who’s set to succeed Dorsey. However, if he steps down, the next CEO will have to meet Twitter’s aggressive internal goals. The company said earlier this year it aims to have 315 million monetisable daily active users by the end of 2023 and to at least double its annual revenue in that year.

In June, the Nigerian government suspended Twitter operations in the country, saying it was threatening its corporate existence.

Twitter had earlier deleted a message posted by President Muhammadu Buhari about south-easterners which many Nigerians had considered to be distasteful.

In Sunday, however, Minister of State for Niger Delta, Festus Keyamo said Twitter had agreed to meet all the conditions given to it by the Nigerian government as a prerequisite for lifting the ban.