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Jack Dorsey To Step Down As Twitter CEO, CNBC Reports

Courtesy of ZeroHedge View original post here.

Update (0950ET): Trading in Twitter shares has been halted as investors await confirmation of news of Dorsey's departure.

The timing of the announcement of both Dorsey's departure, and the arrival of his successor, aren't yet clear. But Dorsey has already survived one attempt to oust him, which was led by Elliott Management founder and billionaire investor Paul Singer. Singer had publicly questioned whether Dorsey should be running both companies, calling on the CEO to stop down as CEO of one of them.

Dorsey previously served as Twitter CEO between the company's founding and 2008, when he was first ousted by the board, before being brought back in 2015 to replace outgoing CEO Dick Costolo. Dorsey also helped create Square.

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Update (0945ET): Just minutes after US markets opened Monday, more details about Dorsey's plans to depart the top job at a company he helped create have emerged.

According to CNBC, Dorsey and the Twitter board have already decided on his successor, although it's not clear yet who that will be.

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Jack Dorsey, the Twitter co-founder who presently leads both Twitter and publicly traded payments darling Square, has decided to cave to shareholders demands that he step back from the top job at one of the two companies he currently leads. According to CNBC, Dorsey has decided to give up the top job at Twitter.

Twitter shares rallied in premarket trading on the news, rising 12% at their peak before the open.

Analysts speculated that the reason Twitter shares are rising is that Dorsey's exit has signaled speculation that a bidder might soon emerge to gobble up the social media platform (even as concerns about Big Tech monopolies have forced Democrats to take action).

Dorsey has been dragged before Congress several times in recent years as Twitter has become embroiled in several controversies, most notably the argument over Twitter's systematic censorship of conservative voices (at the behest of the company's liberal backers, users and employees).


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