*This story is breaking and will be updated as more information becomes available.

On Monday, sources revealed that Twitter CEO Jack Dorsey is expected to step down.

The New York Post reports:

Shares of the social media company spiked more than 11 percent on the news.

Critics of Dorsey have long been skeptical of his dual roles as CEO of both Twitter and payment-processing firm Square, charging that he can’t effectively manage both multi-billion dollar companies.

Critics of Dorsey have long been skeptical of his dual roles as CEO of both Twitter and payment-processing firm Square, charging that he can’t effectively manage both multi-billion dollar companies.

Elliott Management, the New York-based hedge fund run by billionaire Paul Singer, has previously disclosed a substantial stake in Twitter. In 2020, the hedge fund sought to replace Dorsey as CEO and force the company to make other changes to its corporate structure.

Last year, Dorsey was one of the first big tech bosses to ban Donald Trump from the platform following the Capitol riot.