NEW YORK (AP) – Twitter shares are soaring following a report that co-founder Jack Dorsey will step down as the company’s chief executive.
Shares of Twitter, which have consistently underperformed the market, rose more than 10% in the opening bell on Monday before trading was halted pending news.
CNBC first reported that Dorsey could resign soon, citing anonymous sources.
Twitter Inc. did not immediately respond to a request for comment from The Associated Press early Monday morning. On Sunday Dorsey tweeted “I love Twitter.”
Dorsey is also the CEO of Square, a financial payments company he founded, and some big investors have openly wondered if he can be effective in leading both of them.
Twitter has faced some criticism from politicians recently. Former President Donald Trump was banned from Twitter, and Dorsey defended the move, saying the Jan. 6 riot on Capitol Hill and Trump’s tweets after the event resulted in a public safety risk and created an “extraordinary and unsustainable circumstance. ” to the company. Trump sued the company, along with Facebook and YouTube, in July for alleged censorship.
Reference-www.thestar.com