The 45-year-old billionaire is leaving the blue-bird social media after 16 years as he hands over the position of CEO to Chief Technology Officer Parag Agrawal.

AceShowbiz - Jack Dorsey, the king of Twitter, is to step down as the company CEO.

The 45-year-old billionaire announced the news in a statement on Monday (29Nov21), revealing Chief Technology Officer Parag Agrawal will replace him.

"I've decided to leave Twitter because I believe the company is ready to move on from its founders," Dorsey wrote. "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."

In a letter posted to his "team" on Twitter, Dorsey adds, "Parag is CEO starting today. I'm going to serve on the board through my term (May-ish) to help Parag and (board chair) Bret (Taylor) with the transition. And after that... I'll leave the board... I believe it's really important to give Parag the space he needs to lead... I believe it's critical a comapny can stand on its own, free of its founder's influence or direction."

"I want you all to know that this was my decision and I own it... 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."

Dorsey has been at the head of Twitter for 16 years.

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