The sale on Twitter came to a standstill as Jack Dorsey is expected to stop being a senior

The sale on Twitter was halted on Monday when a person close to the company announced that Jack Dorsey, the founder of the social networking site, was planning to quit his job as an adult.

The idea of ​​quitting comes two years after Dorsey teamed up with businessman Elliott Management, who tried to oust him. It is unknown at this time what he will do after leaving the post.

Shares in companies jumped 10 percent in pre-market sales, which were halted shortly after the news broke. Price CNBC.

Twitter did not immediately respond to a request for comment, and co-workers said they had not been notified of the incident.

Dorsey also works as a senior at Square, a mobile payment group he founded in 2009.

Elliott Management, a hedge fund sponsor with 4 percent on Twitter, tried to oust Dorsey last year over concerns that his split responsibilities could affect leadership at the social media company.

“I have enough flexibility in my schedule to focus on the most important things and I have the knowledge of what is most important in all of these companies,” Dorsey told Morgan Stanley conference. at San Francisco in March.

Elliott initially expressed concern over Dorsey’s style leadership and plans to spend at least half of his year in Africa exploring opportunities for cryptocurrencies, a journey that would later be scrapped.

But it was agreed by the stakeholder committee that Dorsey could remain in office if they met Hard working goals.

Dorsey relaunched Twitter in 2006 and served as CEO until 2008, when well-known board member Fred Wilson announced he was no longer fit to lead the company.

The council reportedly cited Dorsey’s habit of leaving early for yoga classes as one of the reasons for his move. Dorsey remained in office but returned to Twitter as a senior in 2015, who led Dick Costolo to resign.

Twitter advertising revenue grew 14 percent last year to $ 2.99bn, down from 24 percent growth last year. Dorsey owns 13 percent in Square, compared to its 2 percent on Twitter.