According to CNBC’s insider sources, Twitter founder and CEO Jack Dorsey will be stepping down from his position with the social media platform. The shares of the company have already risen in response to the announcement.
Twitter has not directly responded to the news, which was first reported by CNBC’s David Faber and based on sources with knowledge of the situation.
According to a source cited by Reuters, Dorsey’s exit has been planned since last year, and his successor has already been chosen.
Twitter’s stock bounced up by over 10% once the news broke, an indicator of Dorsey’s increasingly controversial standing with the public. He has been attacked in the past for Twitter’s handling of “misinformation,” and over which posts and users are policed and flagged more than others.