Twitter CEO Jack Dorsey likely to step down, firm's shares up 11%

Twitter’s chief executive Jack Dorsey is likely to resign, as per a report by CNBC. The social media giant's shares jumped 11% after the news broke out.

As per news agency Reuters citing sources, Dorsey and Twitter's board have settled on his successor. The company's board has been preparing for Dorsey's departure since last year, the source added.

Twitter was not immediately available for comment. 

Besides Twitter, the shares of digital payments firm Square Inc, which is also helmed by Dorsey, were up 3%.

In his last tweet on Nov. 28, Dorsey said: "I love twitter". The likes on that tweet surged to more than 54,000 on Monday.

In early 2020, Dorsey faced calls from Elliott Management Corp to step down, after the hedge fund argued he was paying too little attention to Twitter while also running payments processing company Square Inc.

Dorsey fended off the pressure by giving Elliott and its ally, buyout firm Silver Lake Partners, seats on Twitter's board.