An activist investor is reportedly preparing a plan to oust Twitter CEO Jack Dorsey, and the stock is rising

• Paul Singer, founder of investment firm Elliot Management is planning to oust Twitter CEO Jack Dorsey, CNBC reported on Friday.
• Singer is reportedly seeking to push Dorsey out in part because of his time being divided between running Twitter and Square, as well as his stated plans to move to Africa this year.
• Twitter's stock rose more than 7% in after-hours trading following the news.
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Paul Singer, founder of investment firm Elliott Management, is seeking the removal of Twitter CEO Jack Dorsey, CNBC reported on Friday.

CNBC reported that part of the reason Singer is looking to push Dorsey out is his attention being split between running both Twitter and financial technology company Square as CEO of both firms - and because of Dorsey's stated plans to move to Africa this year.

The news was also reported by Bloomberg.

Twitter's stock jumped more than 7% in after-hours trading on Friday.

Twitter declined to comment.