(CNBC) The Twitter stock traded up more than 5% in premarket on Monday following news that the CEO Jack Dorsey was stepping down.
Dorsey, who serves as the CEO of both Twitter and Square, faced pressure last year, with Elliott Management founder Paul Singer calling for his resignation from one of the companies.
The potential successor of Dorsey as the CEO of the social media giant is yet to be known.
The next CEO of Twitter is expected to meet aggressive company goals, with aims to hit 315 million monetizable daily active users and more than double annual revenue by the end of 2023.
The resignation will end the tenure of Dorsey as the CEO of Twitter since taking over in 2015 in a second spell after stepping down again after serving until 2008.
TWTR: NYSE is up +3.51%
