Twitter Inc (NYSE:TWTR) chief executive officer Jack Dorsey is expected to step down from his role, according to sources cited by CNBC.

Shares jumped 5.5% at the time of publication following the rumours.

Dorsey co-founded the popular social media platform in 2006, before being booted out as chief executive two years later.

His other co-founders cited his inability to solve persistent outage issues and his tendency to leave work early for fashion shows as reasons for his dismissal. He became CEO once again in 2015.

The 45-year-old entrepreneur also currently serves as the chief executive officer of Square, his digital payments company.

Elliot Management, the American investment management firm and a 4% stakeholder in Twitter, attempted to replace Dorsey because of his level of involvement with Square, before it reached a deal with the company’s management.

The reasons for Dorsey’s rumoured resignation are currently unclear.

Any successor, however, will have to Twitters demanding internal goals to meet.

Earlier this year, the company said it aims to have 315mln monetisable daily active users in the next 48 months and to at least double its US$3.7bn annual revenue by the end of 2023.

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