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Twitter CEO Jack Dorsey leaving company he co-founded

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Twitter CEO Jack Dorsey has announced he is leaving the social media platform that he helped start.

In a tweet Monday, Dorsey, 45, said he was leaving the company after 16 years and Parag Agrawal, chief technical officer, will be taking his position.

“I want you all to know that this is my decision and I own it,” he said in a memo to staff, which he shared on the platform.

“It was a tough one for me, of course. I love this service and company … and all of you so much. I’m really sad … yet really happy. There aren’t many companies that get to this level. And there aren’t many founders that choose their company over their own ego. I know we’ll prove this was the right move.”

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News reports began to circulate early Monday morning that Dorsey was stepping down from the social media giant.

A source within the company told Reuters the company’s board has been preparing for Dorsey’s departure since last year.

In his tweet, Dorsey also said board member Bret Taylor was going to serve as chair of the board.

Dorsey’s departure comes as Twitter has accelerated the pace of its product innovation over the past year to take on rivals like Meta, formerly known as Facebook Inc., and TikTok. Twitter is also aiming to reach its goal of doubling annual revenue by 2023.

Read more: Facebook, Google, Twitter face grilling by U.K. lawmakers over online safety

— with files from Reuters

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