Update: Jack Dorsey has officially confirmed that he has stepped down as CEO. Parag Agrawal has been appointed as Twitter chief.

Jack dorsey statement

In an unexpected move, Twitter CEO Jack Dorsey is likely to step down from his executive role, sources have revealed, according to CNBC. There's no word on who would replace 45-year-old CEO at the company's top post. Amid reports of Dorsey's resignation, Nasdaq suspended trading in Twitter. 

"It's unclear who's set to succeed Dorsey. But if he steps down, the next CEO will have to meet Twitter's aggressive internal goals. The company said earlier this year it aims to have 315 million monetizable daily active users by the end of 2023 and to at least double its annual revenue in that year," the report noted.

Twitter CEO Jack Dorsey

The official announcement is yet to be made and there's no clarity on what has led Dorsey to take a step back from his role. However, this isn't the first time Dorsey has stepped down from the CEO role at Twitter. He was the company's CEO till 2008 when he took the post of board chairman. In 2015, when Dick Costolo resigned, Dorsey took over as interim CEO and was later made permanent just a few months later.