Jack Dorsey Confirms He's Leaving Twitter, Explains the Reason Why

The rumors are true: Jack Dorsey is leaving Twitter and stepping down as the CEO.

The 45-year-old billionaire explained why in a letter.

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“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” he said in a statement. “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.”

Twitter has now appointed CTO Parag Agrawal as the company’s new CEO and a member of the board. This change will be effective immediately.

Read his entire letter, embedded beow.