(The Hill) -- Twitter CEO Jack Dorsey is set to step down, CNBC reported Monday, news that immediately led the stock to rise 11 percent.
Twitter did not immediately respond to a request for comment from The Hill.
The initial CNBC story was attributed to sources who spoke to the network's David Farber. Dorsey, 45, cofounded Twitter in 2006.
He then launched Square in 2010 and has served as CEO of both firms since. Dorsey faced pressure to resign from his leadership position at Twitter in 2020 by Elliot Management, a stakeholder in the company.
A deal was ultimately reached that kept Dorsey in charge.
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