New York, Nov. 29 (BUS): Twitter shares rose after it was reported that co-founder Jack Dorsey will step down as the company’s CEO.
Twitter’s stock, which has consistently underperformed the market, jumped more than 10% at the opening bell on Monday, according to the Associated Press.
CNBC first reported that Dorsey may be stepping down soon, citing anonymous sources.
Twitter Inc. did not respond. immediately on a request for comment from the Associated Press early Monday.
Dorsey is also the CEO of Square, a financial payments company he founded, and some major investors have openly questioned whether he could be instrumental in spearheading both.