Jack Dorsey to step down as Twitter CEO

Twitter CEO, Jack Dorsey

Twitter co-founder Jack Dorsey is expected to step down as the social media network’s CEO, CNBC reported on Monday.

The CNBC report cites unnamed sources and Twitter did not immediately reply to a request seeking comment.

Dorsey is credited with coming up with the idea for Twitter when eventual co-founder Evan Williams gave workers at blogging startup Odeo two weeks to work on fun new projects as a way to break up the daily routine.

Dorsey currently serves as both the CEO of Twitter and Square, his digital payments company. Twitter stakeholder Elliott Management had sought to replace Jack Dorsey as CEO in 2020 before the investment firm reached a deal with the company’s management.

Elliott Management founder and billionaire investor, Paul Singer had questioned whether Dorsey should run both of the public companies, calling for him to step down as CEO of one of them.

It’s unclear who’s set to succeed Dorsey. However, if he steps down, the next CEO will have to meet Twitter’s aggressive internal goals. The company said earlier this year it aims to have 315 million monetisable daily active users by the end of 2023 and to at least double its annual revenue in that year.

AFP

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