Twitter stock halted for news pending.Twitter stock was up 3.4% on volume of 16.9 mln shares prior to trading halt.
Twitter CEO Jack Dorsey is expected to step down from his executive role, sources tell CNBC’s David Faber.
Dorsey, 45, currently serves as both the CEO of Twitter and Square, his digital payments company.
It's unclear who's set to succeed Dorsey or the timing of a potential announcement. It's also unknown why Dorsey, 45, would take a step back. But if he steps down, the next CEO will have to meet Twitter's aggressive internal goals. The company said earlier this year it aims to have 315 million monetizable daily active users by the end of 2023 and to at least double its annual revenue in that year.
Dorsey, who founded the social media giant, served as CEO until 2008 before being pushed out of the role. He returned to Twitter as boss in 2015 after former CEO Dick Costolo stepped down.
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