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Twitter CEO Jack Dorsey is reportedly stepping down from his post.

CNBC’s David Faber first reported that Dorsey will be leaving his executive gig. Twitter’s stock is already up 10% at the time of this post.

Reports CNBC:

Dorsey currently serves as both the CEO of Twitter and Square, his digital payments company. Twitter stakeholder Elliott Management had sought to replace Jack Dorsey as CEO in 2020 before the investment firm reached a deal with the company’s management.

Elliott Management founder and billionaire investor Paul Singer had wondered whether Dorsey should run both of the public companies, calling for him to step down as CEO of one of them.

Twitter did not respond to a request for comment.

Recently, Dorsey’s Square purchased Jay-Z’s Tidal streaming service. The deal was reportedly worth a cool $350 million.

This story is developing.

Jay-Z’s Homie aka Twitter CEO Jack Dorsey To Step Down  was originally published on hiphopwired.com