News just coming is that Twitter CEO Jack Dorsey is to step down as Twitter CEO. This comes after months of rumours about his stay on the top job of the company he helped co-found.
Twitter CEO upon his return to the company in 2015 has already founded payment company, Square. Many questioned whether he would be able to handle both jobs as head of the two independent institutions. The microblogging site was valued at about $16b when he returned but has floated between $47b and $50b this year.
From security breaches to profitability, Twitter outgoing CEO Jack Dorsey the Bitcoin enthusiast has led the company through it all.
Twitter was to be sold to a whole list of buyers from Salesforce to Microsoft but the most probable was Disney which later pulled out because the site was seen as being too toxic for a company that prides itself as a family company.
Twitter shares just surged 10% on the news According to CNBC on which site the story apparently first appeared,
It’s unclear who’s set to succeed Dorsey. But if he steps down, the next CEO will have to meet Twitter’s aggressive internal goals. The company said earlier this year it aims to have 315 million monetizable daily active users by the end of 2023 and to at least double its annual revenue in that year.
Dorsey faced an ousting last year when Twitter stakeholder Elliott Management had sought to replace him. Elliott Management founder and billionaire investor Paul Singer had wondered whether Dorsey should run both of the public companies, calling for him to step down as CEO of one of them, before the investment firm reached a deal with the company’s management.
This is a developing story, we will be bringing you updates as it unfolds.
