Jack Dorsey will be stepping down as CEO at Twitter, the social media platform he founded in 2006. Parag Agrawal (a veteran of 10 years at Twitter) will replace him as chief technology officer.

The news that Twitter stock was up rose to the attention of CNBC.

Dorsey stated that he had decided to quit Twitter "because I believe the company has the ability to move on from its founders." "I have deep trust in Parag, Twitter's CEO. His contributions over the last 10 years have been transformative. His talent, heart, and soul are deeply appreciated by me. He is free to lead.

Dorsey will continue to be a member of the company's board until May next year. After a disagreement with a co-founder, he was Twitter's founder CEO. He resigned from the company in 2015. In 2015, he returned to his top position.

Square, which he founded in 2009, is also Dorsey's CEO. Investors have criticized him for managing two public companies simultaneously. Elliot Management, a major shareholder in the hedge fund, attempted to replace Dorsey last. It claimed that Twitter needed a CEO who was solely responsible for running the company. After striking a deal, the hedge fund was able to back off its demand.

Dorsey has many passions beyond running the companies. He is also a known expert on meditation and cryptocurrency bitcoin. In 2020, he told Wired Magazine that he only eats one meal per day and that he meditates for at least two hours each day.

Twitter is a popular platform among politicians, celebrities and the media. However, it has not been as innovative as top competitors like TikTok, Snapchat, and Facebook. For years, the microblogging platform has remained largely unchanged. It has recently introduced new features such as Twitter Blue, a subscription for frequent users, and TwitterSpaces audio chats as part of an ambitious effort more than double its annual revenue and to attract new users.

Agrawal sent a Monday note to Twitter employees, stating that he believed the strategy was bold and right. But our key challenge is how to implement it and deliver results. That's how Twitter will be the best it can for customers, shareholders, as well as for you.

Dorsey sent an email to his staff announcing his departure via Twitter. He described it as "a difficult one" but made his own decision.

"There aren't many companies that get to this level. And there aren't many founders that choose their company over their own ego," he wrote. "I know we'll prove this was the right move."