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    Jack Dorsey, Twitter’s CEO, resigns from Twitter

    Jack Dorsey has confirmed that he will be resigning as Twitter’s chief executive after a share price spike followed reports of the move.

    He said in a statement: “I’ve decided to leave Twitter because I believe the company is ready to move on from its founders.”

    Parag Agrawal has been announced as the new CEO and a member of the board, with immediate effect.

    Shares in the social media platform rose 9% on market opening on Monday morning following a report that Mr Dorsey, 45, who co-founded Twitter in 2006, was to leave his role.

    He will remain the chief executive of financial payments company Square, which has a market capitalisation of over $98bn (£73bn) compared to Twitter’s $38bn (£28bn).

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