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Twitter surges on report that Dorsey will step down as CEO

Published:Monday | November 29, 2021 | 10:42 AM
In this October 28, 2020, file photo, Twitter CEO Jack Dorsey appears on a screen as he speaks remotely during a hearing before the Senate Commerce Committee on Capitol Hill, in Washington. Shares of Twitter are surging at the market open on Monday, November 29, 2021, following a report that Dorsey will be stepping down from his post. (Michael Reynolds/Pool Photo via AP, File)

Shares of Twitter are surging on a report that co-founder Jack Dorsey will step down as the company's chief executive.

Twitter's stock, which has consistently underperformed the market, jumped more than 10% at the opening bell Monday before trading was halted pending news.

CNBC first reported that Dorsey may step down soon, citing anonymous sources.

Twitter Inc. did not immediately respond to a request for comment from The Associated Press early Monday. On Sunday, Dorsey sent the tweet “I love Twitter.”

Dorsey is also the top executive at Square, a financial payments company that he founded, and some big investors have openly questioned whether he can be effective in leading both.

Twitter has faced some criticism from politicians recently. Former President Donald Trump was banned from Twitter, with Dorsey defending the move, saying the January 6 Capitol riot and Trump's tweets after the event resulted in a risk to public safety and created an “extraordinary and untenable circumstance” for the company.

Trump sued the company, along with Facebook and YouTube, in July for alleged censorship.

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