Twitter CEO Jack Dorsey will step down as head of the social media platform he co-founded, sources told CNBC on Monday.
Dorsey remains CEO of Square, his digital payments company. Dorsey is the only person to be CEO of two public companies with market valuations of greater than $5 billion.
Dorsey’s exit ends a five-year run atop the social media company, during which time he helped boost its users and oversaw the implementation of a variety of new features meant to expand its reach and crack down on issues like abuse and misinformation.
In 2020, investment firm Elliott Management launched a campaign to remove Dorsey as CEO of Twitter.
In February, Twitter announced in a filing to the Securities and Exchange Commission that it aimed to have 315 million monetizable daily active users by the end of 2023 and to at least double its annual revenue in that year.
Twitter had 192 million monetizable daily active users and $3.7 billion in annual revenue at the end of 2020, according to the company’s last quarter earnings report.
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