"This was my decision and I own it."
Twitter co-founder and CEO Jack Dorsey has officially stepped down from his role with the social media giant.
CNBC initially reported the news Monday, saying a source had told its financial journalist and market news analyst, David Faber.
The broadcaster noted that the social network's stock jumped more than 11% following the news.
Dorsey currently serves as both the CEO of Twitter and Square, his digital payments company.
In 2020, Twitter stakeholder Elliott Management had sought to replace Dorsey as CEO before it reached a deal with the company’s management.
On Monday, Dorsey posted a lengthy statement originally sent to his staff via – where else? – Twitter, confirming his departure.
"There's a lot of talk about the importance of a company being "founder-led"," he wrote.
"Ultimately, I believe that's severely limiting and a single point of failure. I've worked hard to ensure this company can break away from its founding and its fathers."
Dorsey went on to highlight three reasons why "now is the right time" for him to step aside, from the introduction of new CEO Parag Agrawal to the contributions of all Twitter staff members to date.
"I want you all to know that this was my decision and I own it," he added.
"It was a tough one for me, of course. I love this service and this company... and all of you so much. I'm really sad... yet I'm really happy. There aren't many companies that get to this level.
"And there aren't that many founders that choose their company over their own ego. I know we'll prove this was the right move."
You can read Dorsey's statement in full below. You'll want to zoom in, though...
https://twitter.com/jack/status/1465347002426867720
