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).
— CNBC (@CNBC) November 29, 2021
Dorsey has been dragged before Congress several times in recent years as Twitter has become embroiled in several controversies, most notably the argument over Twitter’s systematic censorship of conservative voices (at the behest of the company’s liberal backers, users and employees).