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).
not sure anyone has heard but,
I resigned from Twitter pic.twitter.com/G5tUkSSxkl
— jack⚡️ (@jack) November 29, 2021