Dorsey is currently the CEO of Twitter, which he co-founded in 2006, and its payments company Square.
Shares of the social media platform company rose more than 10 percent after CNBC reported that the CEO is ready to step down.
Dorsey had left Twitter in 2008, before rejoining the company in 2011 and then becoming CEO for the second time in 2015.
Since then, he has been under pressure from Paul Singer, the billionaire founder of the hedge fund Elliott, to step down again as CEO of the company.
In 2020, Elliott and Singer said Dorsey shouldn’t be CEO of both Square and Twitter, before striking a deal with the tech firm.
The social media giant, along with the wider industry, had also faced ongoing scrutiny for its moderation of harmful content online, including the way it handles misinformation, as well as racist and other abusive posts. .
Many activists have called for greater regulation of the sector and greater accountability of top managers in Internet companies.
Dorsey last tweeted on Sunday, saying simply, “I love Twitter.”
It’s unclear who will replace Dorsey, according to reports.
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