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Google PlayJack Dorsey is “expected” to step down from his head position at Twitter, sources familiar with the situation shared with both CNBC and Bloomberg.
Dorsey, 45, is also the CEO at Square, and it is unclear who would succeed Dorsey from his CEO position at Twitter or what the reason is behind the decision.
The Twitter founder held the CEO role from 2007 to 2008, before being forced out and eventually returning to the position in 2015. Just last year, Twitter stakeholder Elliott Management founder Paul Singer called for Dorsey to step down from one of his two executive positions at the public companies, before a deal was reached. It was then shared that a board committee would form to “evaluate the CEO succession plan.”
“[The committee] will make recommendations consistent with corporate governance best practices with respect to the elimination of the Company’s staggered board,” a 2020 release revealed. “The Committee will report on its evaluation to the Board any considerations or recommended changes and will conclude its work and share the results publicly before the end of the year.”
Dorsey’s interests also seem to go beyond his own companies, as he’s tweeted recently about Bitcoin, Web3, and other technologies.
Last night, he made his love for his social media platform well-known, tweeting, “I love Twitter.”
In response to reports of Dorsey being out the door, Twitter stock has jumped up to 10 percent in pre-market trading, CNN shares. Dorsey’s net worth currently sits around $12 billion, according to Forbes.
Complex has reached out to a representative for Twitter for comment.
