Twitter Inc Chief Govt Officer Jack Dorsey will step down from his position and a successor has been lined up, an individual conversant in the matter informed Reuters.
The corporate’s board has been getting ready for Dorsey’s departure since final 12 months, the supply stated.
The information comes as Twitter has accelerated the tempo of its product innovation over the previous 12 months to compete with social media rivals corresponding to Fb Inc and TikTok, and to achieve its purpose of doubling annual income by 2023.
Twitter was not instantly obtainable for remark. Shares of the microblogging platform surged 9% in early buying and selling, whereas these of digital funds agency Sq. Inc, of which Dorsey can be chief govt, have been up 3%.
Buying and selling within the shares was then suspended forward of an anticipated announcement.