Jack Dorsey, the CEO of Twitter, is going to resign, according to CNBC.
Shares of Twitter jumped 11 percent after unconfirmed reports.
CNBC reported that Dorsey is expected to resign "in the near future". David Faber, the CNBC reporter who first reported the news, said he "did not know much" and that it was unclear who would lead the company.
Mr. Dorsey is the CEO of Twitter and Square, an online payment company.
Jack Dorsey was a co-founder of Twitter and served as its first CEO. He left this role in 2008, but returned to it in 2015 and has been the head of the company ever since.
It has proven to be controversial over the years. In particular, Mr. Dorsey has been criticized for the rules of moderation on his platform - for example, facing the wrath of both those who believed that Donald Trump should not have an account on the platform and Trump supporters when his account was finally deleted. .
Mr. Dorsey has commented on other issues besides his work on Twitter. He is an avid meditator and has shown a keen interest in bitcoin and cryptocurrency.
Neither Twitter nor Mr. Dorsey have commented on the news yet. It is unknown at this time what he will do after leaving the post.
Source of information: independent.co.uk