Jack Dorsey Expected to Step Down as Twitter CEO: Report

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Jack Dorsey, the bitcoin-friendly CEO of Twitter, is anticipated to step down from his place as head of the social media large, in accordance to CNBC.

  • CNBC reported Monday morning ET that Dorsey is anticipated to step down as CEO of Twitter, in accordance to sources.
  • Dorsey is a well known fan of bitcoin, having initiated a number of tasks involving the crypto each via Twitter and thru funds firm Square, of which he’s additionally CEO.
  • According to CNBC, Twitter stakeholder Elliott Management had tried to change Dorsey as Twitter’s CEO final yr due to considerations about his skill to run two public firms. But Elliott and Twitter ultimately reached an settlement to have Dorsey proceed in each roles.
  • Twitter’s inventory initially jumped as a lot as 11% on the information, however buying and selling was then halted by the NYSE due to “news pending.” Shares of Square have been up about 1%.

This is a creating story and will probably be up to date.

Read extra: Square Releases White Paper Detailing Protocol for a Decentralized Bitcoin Exchange

UPDATE (Nov. 29, 15:46 UTC): Updated with info in third and fourth bullet factors.

UPDATE (Nov. 29, 16:00 UTC): Updated with information that buying and selling in Twitter’s inventory had been halted.