Jack Dorsey will reportedly step down as Twitter's CEO

Jack Dorsey is reportedly logging off as CEO of Twitter.

The Twitter boss will soon announce that he's stepping down as CEO of the social media company, CNBC reported Monday. CNBC host David Faber said Dorsey is expected to step down "in the near term" but that it's unclear who will take his place. It also wasn't clear precisely when he will depart as CEO.

Dorsey, who co-founded Twitter, returned as CEO of the company in 2015 after the resignation of Dick Costolo. He is also the CEO of the digital payments company Square, and CNBC notes billionaire investor Paul Singer previously sought to remove Dorsey and suggested he shouldn't serve as the head of both companies.

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Employees at Twitter have not "received any internal communications about" Dorsey's reported plans to resign and learned about it through CNBC's report, according to Axios' Sara Fischer. Twitter stock rose after the news was reported.