By Michele Maatouk
Date: Monday 29 Nov 2021
(Sharecast News) - Twitter shares surged on Monday after CNBC reported that Jack Dorsey - who founded the social media site in 2006 - was set to step down as chief executive officer.
At 1430 GMT, the shares were up 8.5% at $51.02.
CNBC noted that Twitter stakeholder Elliott Management had sought to replace Dorsey as boss in 2020 before the investment firm reached a deal with management.
Elliott Management founder and billionaire investor Paul Singer had wondered whether Dorsey should run both of the public companies, calling for him to step down as CEO of one of them, CNBC said.
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