Twitter shares dive on Jack Dorsey rumours

San Francisco-based Twitter plunged on Thursday ahead of the company making it official that co-founder Jack Dorsey will be the tech company’s permanent CEO, according to a report Wednesday.

During the speculation, an old note scribbled by Dorsey reemerged on social media, harking back to the Twitter founder’s early dreams for the website.

Share price is not the one to blame, however, as it itself reciprocated to the slowdown in monthly active users (MAUs), which Twitter hasn’t been able to reverse yet.

Although Twitter has not officially confirmed the move, Jack Dorsey is expected to return as Twitter CEO seven years after being fired from the same role.

“No one knows the product better than Jack”, said SunTrust Robinson Humphrey analyst Robert Peck, citing faster product rollouts since Dorsey took over the top post on an interim basis on July 1.

But he remains devoted to Square, the payment processing company he founded, and has no intention to step down as CEO.

Mostly, though, this is a big positive for Twitter, as Dorsey has the gravitas and the respect to lead Twitter during its most trying time, as user numbers remain stagnant, executives are leaving in droves and the company’s stock price continues to fall. He campaigned for a permanent placement as Twitter CEO and received vocal backing from prominent Twitter investors. Dorsey would also keep his job as the head of online payment service, Square.

However, this wouldn’t be the first time that Dorsey would take the reins of the company – he served as its CEO since the company’s founding but was sacked in 2008, mainly because he was considered to have a problematic management style and was offered a “passive chairman role and silent board seat” instead. Twitter shares are getting pummeled today, down more than 7% and dipping below $25 in intraday trading.

Twitter has faced many challenges in 2015; not to mention its stock has been taking a beating since May this year, marking its total slump since January to as much as 25%. Given Dorsey’s status as Twitter’s founder (and all-around Silicon Valley darling) investors trust his leadership.