Trading in the shares of the microblogging service Twitter was briefly suspended on Monday on talk that the company's Chief Executive Officer Jack Dorsey was stepping down
NEW YORK (Pakistan Point News / Sputnik - 29th November, 2021) Trading in the shares of the microblogging service Twitter was briefly suspended on Monday on talk that the company's Chief Executive Officer Jack Dorsey was stepping down.
Trading in Twitter was halted on New York's technology-dominated exchange Nasdaq as the shares rose 3.4% on the day to $48.68. By 11:04 AM ET (16:04), they were up 4.9%, trading at $49.38.
The 45-year-old Dorsey, who is also CEO of digital payments firm Square Inc., will step down from his role at the social media company, CNBC reported earlier on Monday.
Twitter did not immediately issue a statement on the matter.
Dorsey founded Twitter in 2006 and served as CEO until 2008 before being pushed out of the role. He returned to run Twitter in 2015 after former CEO Dick Costolo stepped down.
Dorsey again faced an ousting from Twitter last year when the influential stakeholder Elliott Management had sought to replace him. Elliott Management founder and billionaire investor Paul Singer had wondered then whether Dorsey should run both Twitter and Square, calling for him to step down as CEO of one of them, before the investment firm reached a deal with the company's management.
According to Monday's report, it was unclear who would succeed Dorsey or when his replacement might be named.
Whoever steps in, will have to meet Twitter's aggressive internal goals of expanding its monetizable daily active users from 211 million to 315 million by the end of 2023 and doubling its annual revenue.�
