Twitter founder Jack Dorsey resigns from platform as he admits hes quit online

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Twitter founder Jack Dorsey has announced he is stepping down from the company as he admits that he has quit online.

On Monday, the social media company confirmed his resignation, which will see Chief Technology Officer Parag Agrawal take over the founder's role.

In recent months, Dorsey has faced pressure to stop being the CEO of two companies after it was reported that shares of the platform have slumped.

His departure comes as the networking site hits headlines for its renewed product launches following years of criticism that the site had fallen behind platforms in innovation such as Facebook and TikTok.

It has been reported that the chief is calling it a day as he feels assured about his successor Agrawal taking over his role, reports Reuters.

Dorsey now plans to concentrate on his payments processing firm Square Inc and other ventures such as philanthropy, a source told Reuters.

The company's board has been preparing for Dorsey's departure since last year, the source said.

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Shares of the microblogging platform surged 9% in early trading, while those of digital payments firm Square Inc, of which Dorsey is also chief executive, were up 3%.

In his latest tweet on Nov. 28, Dorsey said Tweet from @jack: "I love twitter." The "likes" on that tweet surged to more than 54,000 on Monday.

CNBC was first to report Dorsey's move.

In 2008, co-founder Ev Williams and board member Fred Wilson pushed out Dorsey as the social media site gained steam with users and they determined he was unfit to lead the company.

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But after years of stagnant growth and a slumping share price, Dorsey returned as CEO in 2015 while continuing to lead Square.

In early 2020 Analysis: Trump suspension to test Twitter CEO's truce with investors, Dorsey faced calls from Elliott Management Corp to step down, after the hedge fund argued that he was paying too little attention to Twitter while also running Square Inc.

Dorsey fended off the pressure by giving Elliott and its ally, buyout firm Silver Lake Partners, seats on Twitter's board.

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