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Twitter CEO Jack Dorsey Steps Down: ‘It’s Finally Time for Me to Leave’

“There’s a lot of talk the importance of a company being ‘founder-led,’” the social media giant’s co-founder wrote. “Ultimately I believe that’s severely limiting and a single point of failure”

Jack Dorsey arrives onstage at the Bitcoin 2021 Convention, a crypto-currency conference held at the Mana Convention Center in Wynwood on June 4, 2021, in Miami, Florida.

Joe Raedle/Getty Images

Jack Dorsey is no longer the CEO of Twitter.

CNBC reported Monday morning that the social media platform’s co-founder and longtime chief executive is stepping down. The news was later confirmed by Twitter, which noted that the change is effectively immediately and that Parag Agrawal, who previously served as the company’s chief technology officer, is taking the helm.

Dorsey tweeted an email he sent to staff in which he announced that he will stay on the company’s board until “May-ish” and then leave, writing that he needs Agrawal “the space he needs to lead.”

Dorsey also noted that the idea of a company being “founder-led,” which Twitter had been for the bulk of the 15 years since its inception, is “severely limiting and a single point of failure,” and that he’s “worked hard to ensure this company can break away from is founding and founders.”

Dorsey praised Agrawal as having been behind “every critical decision that helped turn this company around.”

Agrawal also released a statement on Monday, writing that “the world is watching us right now, more than they have before.”

Dorsey’s resignation marks the end of an era for the social media behemoth. He was the public face of the brand, and often made headlines for his willingness to engage with users on the platform, his appearances before Congress, and his eccentric — and often controversial — approach to both life and the company.

He reckoned with what Twitter had wrought under his watch in a 2019 interview with Rolling Stone. “We definitely help divide people. We definitely create isolation. We definitely make it easy for people to confirm their own bias,” he said.

This story is developing

From Rolling Stone US