Twitter CEO and cofounder Jack Dorsey is expected to bow out from his role at the social media company, according to CNBC.
Twitter stock skyrocketed as much as 12.5% in pre-market trading immediately after the CNBC report, paring losses of nearly 14% this year.
Twitter did not immediately return a request for comment from Forbes.
Dorsey has experienced substantial turbulence over the past few years at the company he co-founded. Last year, Twitter stakeholder Elliott Management attempted to oust him from the executive suite over the platform’s slow growth. Dorsey has also faced backlash over his hesitancy to censor users, especially controversial public figures like former President Donald Trump. Twitter took steps to manage the spread of misinformation on the platform last year —particularly regarding the presidential election and the coronavirus pandemic — and early this year permanently banned Trump from Twitter after the Capitol riots.
$11.8 billion. That’s how much Dorsey is worth, according to a Forbes estimate.
Dorsey cofounded Twitter with Ev Williams, Biz Stone and Noah Glass in 2006, and served as CEO of the fledgling social media company until 2008 before returning for a second stint as the chief executive in 2015. He is also the CEO of Square, the digital financial payment company he founded in 2009.