Jack Dorsey is expected to step down as the chief executive of Twitter, sources have told CNBC.

Dorsey, 45, has served as the CEO of the social media giant since it was first founded in 2006, and oversaw its startup.

The move comes after a major bust up between Dorsey and Elliott Management, a hedge fund run by Paul Singer which has a substantial stake in Twitter, which ended in the hedge fund trying to replace him as CEO.

While Dorsey managed to hold onto his role, the hedge fund was able to force Twitter to make multiple changes to its corporate structure.

Dorsey has also long faced criticism about his ability to run both Twitter and Square, a digital payments company, arguing that he should not be juggling both firms as CEO.

When the news leaked of Dorsey's imminent departure, Twitter's share price soared by 11 per cent.

Whoever replaces Dorsey will have incredibly tough targets to meet, after Twitter announced earlier this year it aims to double its annual revenue by 2023 and 315 million monetizable daily active users.

He reportedly lost his position in October 2008 after he kept leaving work early to enjoy other pursuits like yoga and fashion design, and chose improvements to the site over revenue.

On October 16, 2008, Evan Williams took over the company as CEO and Dorsey became chairman of the board, joining several State Department delegations throughout the world.

By March 2011, Dorsey was named executive chairman after Dick Costolo replaced Williams as CEO, and when Costolo announced his resignation in June 2015, Dorsey once again took over the leadership of the company.

On Sunday, Dorsey tweeted: 'I love Twitter.'

But critics of Dorsey have long been skeptical about his dual roles as CEO of both Twitter and payment-processing company, Square, saying he could not effectively manage both billion dollar companies.

Then, in 2020, CNBC reports, Twitter stakeholder Elliot Management sought to replace Dorsey as CEO and force the company to make other changes to its structure, before the firm reached a deal with the company's management.

As the news of his resignation broke Monday morning, Twitter stocks jumped 11%.

The news comes after years of the social media mogul facing scrutiny for his apparent censorship of conservative voices, with some accusing him of bias.

In January, following the unrest at the Capitol, the company announced it had permanently suspended former President Donald Trump citing 'the risk of further incitement of violence.'

He later defended the decision in a series of tweets, writing: 'I do not celebrate or feel pride' in the ban.

He added, 'I believe this was the right decision for Twitter. We faced an extraordinary and untenable circumstance, forcing us to focus all of our actions on public safety.'

'Offline harm as a result of online speech is demonstrably real, and what drives our policy and enforcement above all,' he continued.

'Having to take these actions fragment the public conversation. They divide us. They limit the potential for clarification, redemption, and learning. And sets a precedent I feel is dangerous: the power an individual or corporation has over a part of the global public conversation,' Dorsey wrote.

rajiedreez:
Jack Dorsey is expected to step down as the chief executive of Twitter, sources have told CNBC.

Dorsey, 45, has served as the CEO of the social media giant since it was first founded in 2006, and oversaw its startup.

The move comes after a major bust up between Dorsey and Elliott Management, a hedge fund run by Paul Singer which has a substantial stake in Twitter, which ended in the hedge fund trying to replace him as CEO.

While Dorsey managed to hold onto his role, the hedge fund was able to force Twitter to make multiple changes to its corporate structure.

Dorsey has also long faced criticism about his ability to run both Twitter and Square, a digital payments company, arguing that he should not be juggling both firms as CEO.

When the news leaked of Dorsey's imminent departure, Twitter's share price soared by 11 per cent.

Whoever replaces Dorsey will have incredibly tough targets to meet, after Twitter announced earlier this year it aims to double its annual revenue by 2023 and 315 million monetizable daily active users.

He reportedly lost his position in October 2008 after he kept leaving work early to enjoy other pursuits like yoga and fashion design, and chose improvements to the site over revenue.

On October 16, 2008, Evan Williams took over the company as CEO and Dorsey became chairman of the board, joining several State Department delegations throughout the world.

By March 2011, Dorsey was named executive chairman after Dick Costolo replaced Williams as CEO, and when Costolo announced his resignation in June 2015, Dorsey once again took over the leadership of the company.

On Sunday, Dorsey tweeted: 'I love Twitter.'

But critics of Dorsey have long been skeptical about his dual roles as CEO of both Twitter and payment-processing company, Square, saying he could not effectively manage both billion dollar companies.

Then, in 2020, CNBC reports, Twitter stakeholder Elliot Management sought to replace Dorsey as CEO and force the company to make other changes to its structure, before the firm reached a deal with the company's management.

As the news of his resignation broke Monday morning, Twitter stocks jumped 11%.

The news comes after years of the social media mogul facing scrutiny for his apparent censorship of conservative voices, with some accusing him of bias.

In January, following the unrest at the Capitol, the company announced it had permanently suspended former President Donald Trump citing 'the risk of further incitement of violence.'

He later defended the decision in a series of tweets, writing: 'I do not celebrate or feel pride' in the ban.

He added, 'I believe this was the right decision for Twitter. We faced an extraordinary and untenable circumstance, forcing us to focus all of our actions on public safety.'

'Offline harm as a result of online speech is demonstrably real, and what drives our policy and enforcement above all,' he continued.

'Having to take these actions fragment the public conversation. They divide us. They limit the potential for clarification, redemption, and learning. And sets a precedent I feel is dangerous: the power an individual or corporation has over a part of the global public conversation,' Dorsey wrote.

Source. https://www.dailymail.co.uk/news/article-10254497/Jack-Dorsey-set-step-CEO-Twitter.html

Person dey ask ma say, shey no be LAI Muhammed and Buhari cause this for him sha.

I know of someone that will not forget Jack in a hurry

Maxymilliano:
I know of someone that will not forget Jack in a hurry

This is the reminder

The ghost of Donald Trump is haunting this man

Ammishaddai:
The ghost of Donald Trump is haunting this man

Trump's yet to comment on it, but its a shame he's no more on Twitter to make a mockery of the situation like he's known for

This guy is a drug addict make him leave twitter for good