Sources tell CNBC that Jack Dorsey is going to step down from his executive role.
The stock of the social media company was up more than 5%.
He is the CEO of both Square and the company that he founded.
It is not known who is going to succeed Dorsey or when a potential announcement will be made. It is not known why Dorsey would take a step back. The next CEO will have to meet aggressive internal goals if he steps down. The company said earlier this year that it wants to have more than 300 million daily active users by the end of the year, and double its annual revenue.
Last year, Jack Dorsey was in danger of being replaced as CEO by a stakeholder. Paul Singer, founder of the investment firm, had wondered if the CEO of one of the public companies should step down before the investment firm reached a deal with the company's management.
A request for comment was not responded to.
The founder of the social media giant, Jack Dorsey, was pushed out of the role of CEO in 2008. Dick Costolo stepped down as CEO of the micro-blogging site.
This is breaking news. You can check back for updates.
