THE OLE DOG!
Update (0950ET): Trading in Twitter shares has been halted as investors await confirmation of news of Dorsey’s departure.
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Update (0945ET): Just minutes after US markets opened Monday, more details about Dorsey’s plans to depart the top job at a company he helped create have emerged.
According to CNBC, Dorsey and the Twitter board have already decided on his successor, although it’s not clear yet who that will be.
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Jack Dorsey, the Twitter co-founder who presently leads both Twitter and publicly traded payments darling Square, has decided to cave to shareholders demands that he step back from the top job at one of the two companies he currently leads. According to CNBC, Dorsey has decided to give up the top job at Twitter.
Twitter shares rallied in premarket trading on the news, rising 12% at their peak before the open.
Analysts speculated that the reason Twitter shares are rising is that Dorsey’s exit has signaled speculation that a bidder might soon emerge to gobble up the social media platform (even as concerns about Big Tech monopolies have forced Democrats to take action).
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