Twitter soars 9% after report says CEO Jack Dorsey is expected to step down

jack dorsey speaks onstage at a bitcoin conference
Jack Dorsey.

MARCO BELLO/AFP via Getty Images

  • Twitter stock jumped Monday after CNBC reported CEO Jack Dorsey was expected to step down. 
  • CNBC cited sources in its report about Dorsey, who co-founded the social media platform in 2006.
  • It's unclear who would take Dorsey's place at Twitter if he leaves the top post. 

Twitter stock sharply jumped Monday following a CNBC report that Jack Dorsey is expected to step down from his role as CEO of the social media company. 

Before trading was halted for pending news, shares climbed 8.8% to $51.20 as the regular session got underway in already heavy volume after CNBC's report that cited unnamed sources. It's unclear who would succeed Dorsey at the company he co-founded in 2006 and that made him a billionaire.  

Twitter stock suddenly jumped by 11% during premarket trade after the publication of CNBC's report. The stock had lost 13% year to date through Friday's session when it finished at its lowest price since mid-January. 

Dorsey also serves as CEO of Square, a payments technology and services company. Square shares pared gains Monday and were up 0.2%. 

CNBC noted Twitter stakeholder Elliott Management last year wanted to replace Dorsey as CEO before the investment firm reached a deal with Twitter's management.

Elliott Management founder and billionaire investor Paul Singer had called for Dorsey to step down from one of his CEO roles, wondering if Dorsey should lead both companies, CNBC said.

Read the original article on Business Insider

Twitter soars 9% after report says CEO Jack Dorsey is expected to step down