By Sam Boughedda
Investing.com — Twitter Inc (NYSE: TWTR ) CEO Jack Dorsey is to step down from his role at the social media company, CNBC reported.
Twitter shares reacted positively to the news, jumping 11% to a high of $52.25. The NYSE then halted the shares for "news pending."
CNBC's David Faber broke the news, citing sources. Dorsey is currently CEO of both Twitter and digital payments firm Square Inc (NYSE: SQ ), which led Twitter investor Elliot Management to question whether Dorsey is able to head up both of the companies.
The report said it is unclear who would succeed Dorsey in the top role at Twitter.
Earlier this month, Goldman Sachs started coverage of Twitter with a sell rating and $60 price target despite analyst Eric Sheridan having a "selectively positive view."
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