Jack Dorsey is a busy man. He is the CEO of two major tech companies, Twitter and Square, but Dorsey is peeling back and stepping down from his executive role at Twitter, according to a CNBC report.
That was the blockbuster news that caused shares of Twitter to spike more than 11 percent when Wall Street opened up on Monday.
There’s no word yet on who would take over for Dorsey or when he exactly would be moving out of his C suite office, but many investors have wanted him to make this move years ago.
One of his most prominent critics was the New York hedge fund Elliott Management, which has a substantial stake in Twitter stock. Last year Elliott Management tried to get Dorsey out as CEO, which did not happen. The two sides reached an agreement where Dorsey stayed on but agreed to add three new directors to the Twitter board, including a partner with Elliot Management, Jesse Cohn.
Whoever replaces Dorsey will have a big job facing him. Earlier this year, Twitter announced some pretty aggressive internal goals. The company aims to have 315 million monetizable daily active users by the end of 2023. They also want to double their revenue by the end of 2023.