Jack Dorsey plans to step down as Twitter CEO: report

Twitter chief executive officer Jack Dorsey is reportedly planning to resign his position at the social media firm.

According to a Monday CNBC report, Dorsey is expected to step down as the CEO of social media giant Twitter, which he helped co-found in 2006. It’s unclear if Dorsey plans to leave Twitter behind to focus on operations at Square and the platform’s initiative to develop a decentralized Bitcoin (BTC) exchange.

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Related: Jack Dorsey discusses plans to build a decentralized exchange for Bitcoin

On Nov. 19, the decentralized exchange project, called tbDEX, released a white paper detailing its plans to create a message protocol designed to facilitate trust relationships without relying on a federation to control access. Though Dorsey has sometimes used his platform — 5.9 million followers — to make announcements for the exchange, there are no reports at the time of publication he plans to get more involved in the project.

Dorsey served as Twitter's CEO from 2006 to 2008 and later from 2015 to the present following the departure of Dick Costolo. Shares of Square and Twitter stock rose roughly 3% as reports of Dorsey stepping down spread across social media.

This story is developing and will be updated.