Jack Dorsey, one of the founders of the immensely popular microblogging platform Twitter, has stepped down from his post of CEO, according to an exclusive report from CNBC. Sources told the outlet that he had resigned on Monday. As the news broke, shares of Twitter rose by 11 percent.

The news has not been unexpected but the timing was not known till today. Jack Dorsey has faced a lot of controversy through the years over his alleged censorship of conservative voices. He permanently disbarred Donald Trump from Twitter after the January 6 Capitol riot.

Dorsey was the CEO of both Twitter and Square, which is a digital payments company. Twitter stakeholder Elliot Management wanted to replace him in 2020. Billionaire investor and founder of Elliot Management Paul Singer had wondered how Dorsey could manage both Twitter and Square.

The CEO of Elliot Management had asked for Dorsey to step down from one of the two companies, before his firm had reached a deal with Twitter. Now, the news has broken that Dorsey is stepping down from Twitter.

Jack Dorsey founded the social media microblogging platform Twttr in 2006 with others including Noah Glass. He sent out his first public tweet on March 21, 2006. Twitter was launched on July 15, 2006 for the public. Dorsey became the CEO in 2007 but was forced out of the platform in 2008 by Williams.

In 2009, Dorsey became the founder of Square. He managed to remove Williams in 2011 and rejoined the board at Twitter. On October 5, 2015 after the resignation of Dick Costolo, Jack Dorsey, once again became the CEO of Twitter.

On Monday, November 29, 2021, 45-year old Jack Dorsey has once again stepped down from the role of Twitter CEO, according to sources who contacted CNBC’s David Faber.

Several outlets contacted Twitter for confirmation that Jack Dorsey has stepped down as CEO but none of them have received a response as yet.

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