June 25, 2022

By Greg Roumeliotis

(Reuters) -Twitter Inc Chief Govt Officer Jack Dorsey will action down from his job and a successor has been lined up, a man or woman familiar with the make any difference told Reuters.

The company’s board has been preparing for Dorsey’s departure because last 12 months, the supply claimed.

The information will come as Twitter has accelerated the tempo of its merchandise innovation over the previous year to compete with social media rivals such as Fb Inc and TikTok, and to get to its objective of doubling annual revenue by 2023.

Twitter was not immediately obtainable for remark.

Shares of the microblogging platform surged 9% in early investing, though individuals of digital payments company Square Inc, of which Dorsey is also chief govt, were up 3%.

Trading in the shares was then suspended ahead of an envisioned announcement.

In his most recent tweet on Nov. 28, Dorsey said https://twitter.com/jack/status/1464865985471471616: “I enjoy twitter”. The “likes” on that tweet surged to far more than 54,000 on Monday.

CNBC was to start with to report Dorsey’s shift.

In early 2020 https://reut.rs/3E6Nfvh, Dorsey faced phone calls from Elliott Management Corp to stage down, immediately after the hedge fund argued THAT he was shelling out as well minor consideration to Twitter although also running payments processing company Square Inc.

Dorsey fended off the pressure by giving Elliott and its ally, buyout organization Silver Lake Associates, seats on Twitter’s board.

(Reporting by Greg Roumeliotis in New York and Subrat Patnaik in Bengaluru Modifying by Shinjini Ganguli and David Clarke)

See also  CEO steers electric powered truck startup Rivian as a result of supply chain twilight zone