Twitter CEO, Jack Dorsey is expected to step down from his executive position, according to CNBC.

The announcement has since sent Twitter’s shares soaring by more than 11%.

Dorsey is also the CEO of Square, his digital payment startup. Elliott Management, a Twitter shareholder, had planned to replace Dorsey as CEO in 2020 before reaching an agreement with the company’s management.

Paul Singer, the founder of Elliott Management and a billionaire investor, had questioned whether Dorsey could oversee both public companies, pushing on him to step down as CEO of one of them.

More information will be updated soon…