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Twitter shares soar 11 per cent as it’s announced that CEO Jack Dorsey is stepping down

Jack Dorsey is expected to step down as the chief executive of Twitter, sources have told CNBC.

Dorsey has served as the CEO of the social media giant since it was first founded in 2006, and oversaw its startup. 

In 2020, CNBC reports, Twitter stakeholder Elliot Management sought to replace Dorsey as CEO, before the firm reached a deal with the company’s management. 

As the news of his resignation broke Monday morning, Twitter stocks jumped 11 per cent. Jack Dorsey is expected to step down as the chief executive of Twitter , sources have told CNBC

Jack Dorsey is expected to step down as the chief executive of Twitter , sources have told CNBC

The news comes after years of the social media mogul facing scrutiny for his apparent censorship of conservative voices.

In January, following the unrest at the Capitol, the company announced  it had permanently suspended former President Donald Trump citing ‘the risk of further incitement of violence.’

He later defended the decision in a series of tweets, writing: ‘I do not celebrate or feel pride’ in the ban.

He added, ‘I believe this was the right decision for Twitter. We faced an extraordinary and untenable circumstance, forcing us to focus all of our actions on public safety.’ 

‘Offline harm as a result of online speech is demonstrably real, and what drives our policy and enforcement above all,’ he continued.

‘Having to take these actions fragment the public conversation. They divide us. They limit the potential for clarification, redemption, and learning. And sets a precedent I feel is dangerous: the power an individual or corporation has over a part of the global public conversation,’ Dorsey wrote. +3

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