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Jack Dorsey, the bitcoin-friendly CEO of Twitter, is predicted to step down from his place as head of the social media large, in response to CNBC.

• CNBC reported Monday morning ET that Dorsey is predicted to step down as CEO of Twitter, in response to sources.
• Dorsey is a well known fan of bitcoin, having initiated a number of initiatives involving the crypto each by way of Twitter and thru funds firm Sq., of which he’s additionally CEO.
• Based on CNBC, Twitter stakeholder Elliott Administration had tried to switch Dorsey as Twitter’s CEO final yr due to considerations about his skill to run two public corporations. However Elliott and Twitter finally reached an settlement to have Dorsey proceed in each roles.
• Twitter’s inventory initially jumped as a lot as 11% on the information, however buying and selling was then halted by the NYSE attributable to “information pending.” Shares of Sq. have been up about 1%.

It is a creating story and will probably be up to date.

UPDATE (Nov. 29, 15:46 UTC): Up to date with info in third and fourth bullet factors.

UPDATE (Nov. 29, 16:00 UTC): Up to date with information that buying and selling in Twitter’s inventory had been halted.

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