According to a major newswire, Twitter CEO Jack Dorsey is stepping down from his position.

The news boosted Twitter's stock by 11 % to a high of $52.25 per share. The stock was then suspended by the NYSE due to "news pending."

Twitter employees can work from home forever, CEO Jack Dorsey says - CBS  News

According to sources, CNBC's David Faber broke the news. Dorsey presently serves as CEO of both Twitter and Square, prompting Twitter investor Elliot Management to question if he is capable of leading both firms.

Despite analyst Eric Sheridan's "selectively positive view," Goldman Sachs initiated coverage of Twitter with a sell rating and a $60 price target earlier this month.

It has been reported that Twitter has named Parag Agrawal as Jack Dorsey Successor for CEO of the company. Furthermore, the board unanimously names Bret Taylor to become the independent chair,  Although stepping down as CEO Dorsey is to remain on the board.