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Twitter CEO Jack Dorsey is expected to step down from his executive role, sources tell CNBC’s David Faber. Twitter stock jumped more than 11% on the news.

Twitter CEO Jack Dorsey is expected to step down from his executive role, sources tell CNBC’s David Faber. Twitter stock jumped more than 11% on the news. This is breaking news. Please check back for updates. ---- This whole thing is so bizarre

uptown 5y ago
"This whole thing is so bizarre" Why? He's been a part-time CEO whose focus has clearly been on Square. Having a full-time CEO focused on a company with as high a profile as Twitter makes a lot of sense.
- enlyth 5y ago
  It seems the stock is up on speculation they will get bought out by someone
  - sbarre 5y ago
    Who would buy Twitter??
    - tata71 5y ago
      The Saudis/SoftBank. Wait.
      - travisgriggs 5y ago
        Or Disney. :)
        ceejayoz 5y ago
        (They considered it! https://www.cnbc.com/2019/09/24/disney-bob-iger-on-not-buying-twitter-i-got-cold-feet.html https://www.cnbc.com/2019/09/24/disney-bob-iger-on-not-buyin...)
    - Alex3917 5y ago
      The employees have been trying to buy it through an ESOP.
      - tata71 5y ago
        Fully support this — doubtful all owners would sell.
    - azeirah 5y ago
      Some random tech investor? It doesn't have to be Google, Facebook or insert other large tech company here.
    - cinntaile 5y ago
      It's a great source of information so I'm sure they have some interested buyers at the right price.
    - chrinic4948 5y ago
      > Who would buy Twitter?? Zucc
    - kwertyoowiyop 5y ago
      Square?
  - deleted 5y ago
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  - deleted 5y ago
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  - tata71 5y ago
    The stock is up because Jack is going to finish up harvesting the cryptocurrency related seeds that have started sprouting fast over at Square, and integrate them all into Twitter before anyone else, making Twitter into what it "should have been" the whole time. Twitter tipping has already been announced, etc
  - basisword 5y ago
    …Twitter’s a public company. [edit: well this was a silly comment :/ please ignore ]
    - Kalium 5y ago
      That doesn't have to get in the way of an acquisition. Public companies are routinely acquired in a variety of ways.
      - basisword 5y ago
        Yep. Completely right. I’m a idiot/very tired :)
- ryzvonusef 5y ago
  the method of announcement not the actual contents. There was an investor group keep on kicking Dorsey out so that's not strange. But to have it announced like this on a random Monday morning before start of markets, and not even a proper presser from the board("Twitter did not respond to a request for comment."), but a "leak" by a reporter... TF is going on?
  - gigglesupstairs 5y ago
    Well, this is how breaking news are usually broken in tidbits as they come in. Similar lingo too. Timing is suspect but by the looks of it they were correct and had limited information at the time.
saagarjha 5y ago
It’s been updated: Twitter CEO Jack Dorsey is expected to step down from his executive role, sources tell CNBC's David Faber. Twitter stock jumped more than 11% on the news. Dorsey currently serves as both the CEO of Twitter and Square, his digital payments company. Twitter stakeholder Elliott Management had sought to replace Jack Dorsey as CEO in 2020 before the investment firm reached a deal with the company's management. Elliott Management founder and billionaire investor Paul Singer had wondered whether Dorsey should run both of the public companies, calling for him to step down as CEO of one of them. It's unclear who's set to succeed Dorsey. But if he steps down, the next CEO will have to meet Twitter's aggressive internal goals. The company said earlier this year it aims to have 315 million monetizable daily active users by the end of 2023 and to at least double its annual revenue in that year. Twitter did not respond to a request for comment.
rvz 5y ago
> Twitter stock jumped more than 11% on the news. Right. It better close up more than 11% today.
josefresco 5y ago
It said 5% when I read the article. Now they've removed the % and just say "Twitter stock was up on the news before being halted due to news pending."

uptown 5y ago

"This whole thing is so bizarre" Why? He's been a part-time CEO whose focus has clearly been on Square. Having a full-time CEO focused on a company with as high a profile as Twitter makes a lot of sense.

enlyth 5y ago
It seems the stock is up on speculation they will get bought out by someone
- sbarre 5y ago
  Who would buy Twitter??
  - tata71 5y ago
    The Saudis/SoftBank. Wait.
    - travisgriggs 5y ago
      Or Disney. :)
      - ceejayoz 5y ago
        (They considered it! https://www.cnbc.com/2019/09/24/disney-bob-iger-on-not-buying-twitter-i-got-cold-feet.html https://www.cnbc.com/2019/09/24/disney-bob-iger-on-not-buyin...)
  - Alex3917 5y ago
    The employees have been trying to buy it through an ESOP.
    - tata71 5y ago
      Fully support this — doubtful all owners would sell.
  - azeirah 5y ago
    Some random tech investor? It doesn't have to be Google, Facebook or insert other large tech company here.
  - cinntaile 5y ago
    It's a great source of information so I'm sure they have some interested buyers at the right price.
  - chrinic4948 5y ago
    > Who would buy Twitter?? Zucc
  - kwertyoowiyop 5y ago
    Square?
- deleted 5y ago
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- deleted 5y ago
  [deleted]
- tata71 5y ago
  The stock is up because Jack is going to finish up harvesting the cryptocurrency related seeds that have started sprouting fast over at Square, and integrate them all into Twitter before anyone else, making Twitter into what it "should have been" the whole time. Twitter tipping has already been announced, etc
- basisword 5y ago
  …Twitter’s a public company. [edit: well this was a silly comment :/ please ignore ]
  - Kalium 5y ago
    That doesn't have to get in the way of an acquisition. Public companies are routinely acquired in a variety of ways.
    - basisword 5y ago
      Yep. Completely right. I’m a idiot/very tired :)
ryzvonusef 5y ago
the method of announcement not the actual contents. There was an investor group keep on kicking Dorsey out so that's not strange. But to have it announced like this on a random Monday morning before start of markets, and not even a proper presser from the board("Twitter did not respond to a request for comment."), but a "leak" by a reporter... TF is going on?
- gigglesupstairs 5y ago
  Well, this is how breaking news are usually broken in tidbits as they come in. Similar lingo too. Timing is suspect but by the looks of it they were correct and had limited information at the time.

saagarjha 5y ago

It’s been updated: Twitter CEO Jack Dorsey is expected to step down from his executive role, sources tell CNBC's David Faber. Twitter stock jumped more than 11% on the news. Dorsey currently serves as both the CEO of Twitter and Square, his digital payments company. Twitter stakeholder Elliott Management had sought to replace Jack Dorsey as CEO in 2020 before the investment firm reached a deal with the company's management. Elliott Management founder and billionaire investor Paul Singer had wondered whether Dorsey should run both of the public companies, calling for him to step down as CEO of one of them. It's unclear who's set to succeed Dorsey. But if he steps down, the next CEO will have to meet Twitter's aggressive internal goals. The company said earlier this year it aims to have 315 million monetizable daily active users by the end of 2023 and to at least double its annual revenue in that year. Twitter did not respond to a request for comment.

rvz 5y ago

> Twitter stock jumped more than 11% on the news. Right. It better close up more than 11% today.

josefresco 5y ago

It said 5% when I read the article. Now they've removed the % and just say "Twitter stock was up on the news before being halted due to news pending."