The media quoted sources as saying Twitter CEO Jack Dorsey is expected to resign from his executive position.
After the news broke, Twitter shares rose more than 11% at one point.
Dorsey currently serves as CEO of both Twitter and digital payments company Square. Twitter shareholder Elliott Management sought to replace Jack Dorsey as CEO in 2020 until the investment firm struck a deal with the company's management.
Paul Singer, a billionaire investor in Elliott Management, had doubted whether Dorsey should run both public companies at the same time and called on Dorsey to step down as CEO of one of the companies.
It's unclear who will succeed Dorsey. But if he steps down, the next CEO will have to achieve Twitter's aggressive internal goals. The company said earlier this year that it aims to achieve 315 million profitable daily active users by the end of 2023, with annual revenue at least doubling.
Twitter did not respond to requests for comment.
This article originated from the financial world
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