Twitter stock price surges by more than 11% at reports of Jack Dorsey exit

Twitter's stock price leapt 12.6 per cent before the markets opened in the wake of reports that Jack Dorsey was stepping down as the company's CEO.

On Monday, Twitter's stock price was $47.07, but news that Mr Dorsey would leave the social media platform spiked the price about 12.6 per cent, raising it to $53.01 pre-market.

When the markets opened at 9:30am EST, the company's price held around $50 per share.

CNBC reported the alleged shakeup citing anonymous sources close to the company. There are no reports indicating who might replace Mr Dorsey if the reports turn out to be accurate.