Twitter CEO Jack Dorsey is set to step down from his executive position, according to a report by CNBC on Monday.

  • Twitter stocks soared more than 11% on the reports of the imminent step down from social media giant Chief.
  • Dorsey now serves as both the CEO of Twitter and Square, his digital payment firm.
  • Elliot Management, a Twitter stakeholder, was seeking to replace Jack Dorsey as CEO in 2020 before the investment firm entered into a deal with the management.

Elliott Management founder and billionaire investor Paul Singer was concerned about whether Dorsey should be allowed to run both of the public companies, pushing for him to step down as CEO from one of the companies. TWTR up +7.82%, SQ up +1.42%