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    Twitter (TWTR) stock fades after news CEO Dorsey to resign

    By Joseph Toppe


    Updated

    Twitter CEO Jack Dorsey
    Twitter CEO Jack Dorsey – Photo: Shutterstock

    Twitter (TWTR) stock trading higher before fading to a loss on Monday after a report that said CEO Jack Dorsey will be leaving his executive role with the tech giant.

    After a halt in trading, the company confirmed in a news release that Dorsey “has decided to step down as Chief Executive Officer and that the Board of Directors has unanimously appointed Parag Agrawal as CEO and a member of the Board, effective immediately.” Currently, Dorsey is CEO of both Twitter and Square, a digital payments company.

    When trading was halted at 9:52 am local time, Twitter stock was up by just over 3%. When trading resumed an hour later, the stock was up by over 4%. By noon, however, it was trading at a loss on the day of 0.6%

    VODl

    0.73 Price
    +1.130% 1D Chg, %
    Long position overnight fee -0.0253%
    Short position overnight fee 0.0033%
    Overnight fee time 22:00 (UTC)
    Spread 0.0145

    NVDA

    466.05 Price
    -3.120% 1D Chg, %
    Long position overnight fee -0.0262%
    Short position overnight fee 0.0040%
    Overnight fee time 22:00 (UTC)
    Spread 0.17

    COIN

    125.38 Price
    -2.010% 1D Chg, %
    Long position overnight fee -0.0262%
    Short position overnight fee 0.0040%
    Overnight fee time 22:00 (UTC)
    Spread 0.15

    TSLA

    239.71 Price
    -1.730% 1D Chg, %
    Long position overnight fee -0.0262%
    Short position overnight fee 0.0040%
    Overnight fee time 22:00 (UTC)
    Spread 0.09

    Twitter stakeholder Elliott Management wanted to replace Jack Dorsey as far back as 2020, before the investment firm reached a deal with the company’s management.

    The social media app announced recently it is targeting 315 million monetisable daily active users by the end of 2023, and hoping to at least double its annual revenue the same year.

    Read more: Twitter gains as platform reaches record daily users

    Related topics

    #Twitter

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    The difference between trading assets and CFDs
    The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
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