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Jack Dorsey to Step Down as Twitter CEO (Report)

Twitter stock jumped after CNBC reported Dorsey’s impending departure

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Twitter co-founder Jack Dorsey is set to step down as CEO soon, according to a new report from CNBC.

Shares of Twitter jumped as much as 10% in pre-market trading following CNBC’s report. Representatives from Twitter did not immediately return TheWrap’s request for comment. There is no word yet on who may replace him.

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.

More to come…

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