Jack Dorsey, the CEO of the microblogging platform Twitter, has resigned.He resigned on Monday, after co-founding the social media company for 16 years.
The announcement comes on the heels of Twitter’s recent product innovation efforts—Fleets and Spaces—over the last year in order to meet the company’s goal of doubling annual revenue by 2023.
“I resigned from Twitter,” he wrote, along with a screenshot of his resignation letter from Twitter.
In addition, he named Parag Agrawal an Indian as his successor.
By the end of 2023, Twitter hopes to have 315 million monetizable daily active users.In early trading, shares of the microblogging platform were up 9 percent, while those of digital payments firm Square Inc (SQ.N) were up 3 percent.
Before the announcement, trading in shares of the social media platform and Square, both of which Jack owns, was halted.
According to Jack’s statement, the reason for his departure is that a founder-led company is “severely limiting” and has “a single point of failure.” He also stated that he will remain on the board until around the end of May to assist the new CEO with the transition.