CNBC’s Faber: Twitter CEO Jack Dorsey might step down soon

By: Wajeeh Khan
Wajeeh Khan
Wajeeh is an active follower of world affairs, technology, an avid reader, and loves to play table tennis in… read more.
on Nov 29, 2021
  • CNBC's David Faber cited anonymous sources as he broke out the news.
  • It remains unknown who would replace Jack Dorsey at the top position.
  • Shares of the social media giant opened more than 10% up on Monday.

Shares of Twitter Inc (NYSE: TWTR) opened more than 10% up this morning on a CNBC report that said CEO Jack Dorsey was likely to step down as the chief executive.

Who could replace Dorsey at Twitter?

The anonymous sources that talked to CNBC’s David Faber refrained from commenting on the reasons why Dorsey might consider stepping down or who could potentially take the helm at the social media and microblogging giant after his departure.

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It’s unknown when Twitter is expected make an official announcement regarding the leadership change.  Apart from Twitter, Dorsey also serves as the CEO of the rapidly growing digital payments company Square Inc that bought Australia’s Afterpay last month to penetrate the BNPL space.

Twitter is yet to make an official comment on the report. The news comes a month after the NYSE-listed firm reported its financial results for the third quarter that came in weaker than the Wall Street expectations.

Twitter has ambitious goals for the coming years

Whoever replaces Dorsey to lead Twitter Inc will faces a rather challenging task of meeting the company’s laid out targets. Earlier in 2021, Twitter said it is aiming for a 100% growth in its annual revenue (at least) and 315 million monetizable DAUs before 2024.

Dorsey became the CEO of Twitter Inc in 2007 but was forced out by the Board a year later. He returned as the top boss of the California-based company in 2015.

Last year, Twitter stakeholder Elliot Management tried to make him step down as the CEO at either Twitter or Square. The investment firm later signed a deal with the management at Twitter that saw Dorsey keeping his role.

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