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Twitter (TWTR) stock jumps 10% on rumor of CEO Jack Dorsey stepping down

Sources have reported that longtime Twitter CEO Jack Dorsey may be exiting his role as head of the company soon.

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Twitter founder and CEO Jack Dorsey has been sitting at the head of the company since it was conceived. That might be changing soon though. Recent rumblings have suggested that Dorsey may be exiting his role as CEO of Twitter soon. Twitter’s stock jumped 10 percent in value on word of the possible resignation.

Dorsey’s possible exit from the CEO position at Twitter was recently reported by CNBC on November 29, 2021. According to sources familiar with the matter, Dorsey is slated to step down from the company soon. It is unknown at this time who would succeed him if his resignation does indeed come to pass, but the rumor comes amid Twitter’s recent aggressive push to monetize more of its services with additions like Twitter Blue. The company is looking to continue this effort with a goal of 315 million monetizable daily active users by the end of 2023, as well as aiming to double its overall annual revenue in that fiscal year. Successful execution of that effort will fall to whoever takes Dorsey’s place.

Twitter's (TWTR) stock hit a high of $51.88 per share on November 29 on rumor of Jack Dorsey stepping down as CEO.
Twitter's (TWTR) stock jumped to a value of around $51.88 per share on November 29 on rumor of Jack Dorsey stepping down as CEO.

This is not the first time the possibility of Dorsey stepping down has come up at Twitter. As further CEO of the Square digital payments platform, investors have previously suggested that Dorsey step down from CEO as one of the two companies. His efforts at Twitter have also been slow to adopt any sort of monetization for years with things like the aforementioned Twitter Blue and even a further Twitter Shop Module only being implemented within this last year.

With this in mind, if Jack Dorsey’s resignation as CEO of Twitter does come to pass, it seems likely we could see speedier and more aggressive implementation of monetization strategies at Twitter with in the coming years. Stay tuned as we continue to follow this story for further details and updates.

Senior News Editor

TJ Denzer is a player and writer with a passion for games that has dominated a lifetime. He found his way to the Shacknews roster in late 2019 and has worked his way to Senior News Editor since. Between news coverage, he also aides notably in livestream projects like the indie game-focused Indie-licious, the Shacknews Stimulus Games, and the Shacknews Dump. You can reach him at tj.denzer@shacknews.com and also find him on Twitter @JohnnyChugs.

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