Twitter CEO Jack Dorsey Stepping Down

Twitter CEO and co-founder Jack Dorsey is poised to step down from his position at the social media platform.

QUICK FACTS:
  • Twitter’s stock jumped as much as 10% in pre-market trading following CNBC’s report, according to Forbes.
  • Representatives from Twitter did not immediately return Forbes’ request for comment.
  • There is no word yet on who might replace him.
THE WRAP REPORTS:

Twitter stakeholder Elliott Management had looked to replace Dorsey in 2020, but reached a deal with company management. He is CEO of not only Twitter, but Square, a company that manages digital transactions.

Dorsey, whose Twitter bio says just “#bitcoin,” has expressed an interest in cryptocurrency. He has also been in the news frequently in recent months because of Twitter decision to ban former president Donald Trump from the platform following the deadly Jan. 6 Capitol riot, as well as various other tech-related issues. He has repeatedly testified on Capitol Hill.

In March, he sold the first tweet ever as an NFT, or non-fungible token, for 1,630.58 ether. With the cryptocurrency trading for $1,746 per ether at the time, that came out to more than $2.8 million spent on Dorsey’s tweet.