Twitter Inc Chief Executive Officer Jack Dorsey is expected to step down from his role, a person familiar with the matter told Reuters. Dorsey and Twitter's board have settled on his successor, the reported added.
The company's board has been preparing for Dorsey's departure since last year, the source added.
According to Reuters, Twitter was not immediately available for comment.
Shares of the microblogging platform surged 9% in early trading, while those of digital payments firm Square Inc, which is also helmed by Dorsey, were up 3%.
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The move comes after the Elliott Management Corp asked Dorsey to step down in early 2020, when the hedge fund argued he was paying too little attention to Twitter while also running payments processing company Square Inc.
(This is a breaking story)
