Twitter CEO Jack Dorsey is expected to step down

According to CNBC's David Faber, Twitter CEO Jack Dorsey is poised to stand down from his executive position. The stock of Twitter increased by more than 11% as a result of the announcement. Dorsey is the current CEO of both Twitter and Square, his digital payments startup.  

Dorsey is the current CEO of both Twitter and Square, his digital payment startup. Elliott Management, a Twitter shareholder, had planned to replace Jack Dorsey 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 oversee both public firms, pushing on him to step down as CEO of one of them.

A request for comment from Twitter was not returned.