Jack Dorsey, the bitcoin-friendly CEO of Twitter, is expected to step down from his position as head of the social media giant, according to CNBC.
- CNBC reported Monday morning ET that Dorsey is expected to step down as CEO of Twitter, according to sources.
- Dorsey is a well-known fan of bitcoin, having initiated several projects involving the crypto both through Twitter and through payments company Square, of which he is also CEO. The report made no mention of whether Dorsey’s role as head of Square would be changing.
- According to CNBC, Twitter stakeholder Elliott Management had tried to replace Dorsey as Twitter’s CEO last year because of concerns about his ability to run two public companies. But Elliott and Twitter eventually reached an agreement to have Dorsey continue in both roles.
- Twitter’s stock initially jumped as much as 11% on the news, but trading was then halted by the NYSE due to “news pending.” Shares of Square were up about 1%.
- Twitter did not immediately respond to a request for comment.
This is a developing story and will be updated.
UPDATE (Nov. 29, 14:46 UTC): Updated with information in third and fourth bullet points.
UPDATE (Nov. 29, 15:00 UTC): Updated with news that trading in Twitter’s stock had been halted.
UPDATE (Nov. 29, 15:26 UTC): Updated with Twitter’s non-response.