The co-founder of twitter Jack Dorsey has step down as the CEO of the company.
He will be replaced by Parag Agrawal who is twitter’s chief technology officer.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders. My trust in Parag as Twitter’s CEO is deep. His work over the past 10 years has been transformational. I’m deeply grateful for his skill, heart, and soul. It’s his time to lead,” Mr Dorsey said.
Dorsey will serve on the board of directors of Twitter until May of next year. He was Twitter’s first CEO but had previously departed the firm due to a feud with a co-founder.
Dorsey is also the CEO of Square, a financial payments firm he established in 2009, and some investors have criticised him for running two public companies at the same time.
The new CEO Mr Agrawal joined Twitter in 2011 and has been working as the head of technology since 2017.
Shares in Twitter soared 11 per cent as news that Dorsey was stepping down from Twitter broke.