Jack Dorsey, the CEO and co-founder of Twitter could be about to step down from running the social network.
Truetells Nigeria reports that stakeholder in Twitter is seeking to remove Dorsey who also serves as CEO of payment company Square.
Sources told CNBC reporter David Faber that Elliott Management, a US investment management firm, sought to previously remove Dorsey in 2020.
The Elliott Management founder and billionaire investor Paul Singer has criticised Dorsey for running two companies and called for him to step down from one of them.
Twitter was not immediately available for comment.
But, in his last tweet on Nov. 28, Dorsey had said: ‘I love twitter’.
I love twitter
— jackâ¡ï¸ (@jack) November 28, 2021
Twitter shares jumped 11% after the news broke. Meanwhile, shares in Square – Dorsey’s other company – also jumped by 3%.
Dorsey co-founded Twitter alongside, Noah Glass, Biz Stone and Evan Williams back in 2006.
He recently stepped up to explain Twitter’s decision to ban former President Donald Trump in the wake of the attacks on the US Capitol in January.
The social media billionaire expressed regret for the incident, and warned it could set a ‘dangerous’ precedent.
‘We faced an extraordinary and untenable circumstance, forcing us to focus all of our actions on public safety,’ Dorsey wrote in January.
‘Offline harm as a result of online speech is demonstrably real, and what drives our policy and enforcement above all.’
Dorsey noted that the ban wasn’t something to ‘celebrate’, but was instead a failure on Twitter’s part to promote healthy conversation.
He also suggested the platform would ‘reflect on our operations and the environment around us’ in the coming months.
While the tech CEO was steadfast in his belief that tweets like Trump’s ‘divide us’ and ‘limit the potential for clarification, redemption and learning’, he also warned of Big Tech’s growing power when it comes to decisions on banning individuals.
‘Over the long term it will be destructive to the noble purpose and ideals of the open internet,’ Dorsey wrote.