Jack Dorsey is expected to step down as the boss of social media giant Twitter, according to reports on Monday.

Dorsey is currently both the chief executive of Twitter, which he co-founded in 2006, and his payment business Square.

Shares in the social media platform company rose more than 10 per cent after CNBC reported the chief executive is set to step down.

Dorsey had previously left Twitter in 2008, before rejoining the company in 2011 and then becoming chief executive for the second time in 2015.

He has since come under pressure from Paul Singer, the billionaire founder of hedge fund Elliott, to step down again as the company’s chief executive.

In 2020, Elliott and Singer said that Dorsey should not be chief executive of both Square and Twitter, before reaching a deal with the technology firm.

The social media giant, along with the wider sector, had also faced continuing scrutiny over its moderation of harmful content online, including how it handles misinformation as well as racist and other abusive posts.

Many campaigners have called for more regulation of the sector and greater accountability of senior managers at internet companies.

Dorsey last tweeted on Sunday, saying simply: “I love Twitter.’’

It is unclear who is likely to replace Dorsey, according to the reports.