Jack Dorsey, Twitter CEO set to resign

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, the CEO of the microblogging platform Twitter, to resign soon 

CNBC’s David Faber learned of this from reliable sources, following the news of Twitter’s stock jumped more than 11%.

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Dorsey is the current CEO of both Twitter and Square, his digital payment company. Elliott Management, a Twitter shareholder, had planned to replace as CEO in 2020 before reaching an agreement with the company’s management.

Paul Singer, the founder of Elliott Management and a billionaire investor, had questioned whether Dorsey should be the CEO of both public companies and had called for him to resign from one of them.

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It’s unclear who will take over for Dorsey.

If he steps down, however, the next CEO will have to meet Twitter’s lofty internal targets. The company stated earlier this year that by the end of 2023, it hopes to have 315 million monetisable daily active users and to have more than doubled its annual revenue.

 

Recall the Nigerian government shut down Twitter’s operations in the country in June, claiming it was endangering the Country’s existence.

President Muhammadu Buhari had previously posted a message about south-easterners on Twitter, which many Nigerians found offensive and deleted by Twitter.

However, Festus Keyamo, Minister of State for the Niger Delta, said on Sunday Channels TV that Twitter had agreed to meet all of the conditions imposed by the Nigerian government as a condition for lifting the ban.

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