San Francisco: Twitter co-founder Jack Dorsey will step down as CEO of the social media platform, the company announced.
He will be succeeded by Twitter’s current Chief Technology Officer Parag Agrawal.
Twitter’s stock, which has consistently underperformed the market, jumped more than 10% at the opening bell Monday before trading was halted pending news.
CNBC first reported that Dorsey may step down soon, citing anonymous sources.
Twitter Inc. did not immediately respond to a request for comment from The Associated Press early Monday. On Sunday, Dorsey sent the tweet “I love Twitter.” Dorsey is also the top executive at Square, a financial payments company that he founded, and some big investors have openly questioned whether he can be effective leading both.
Last year, the company came to an agreement with two of those activist investors that kept Dorsey in the top job and gave a seat on the company board to Elliott Management Corp., which owned about 4% of Twitter’s stock, and another to Silver Lake.
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