Twitter co-founder Jack Dorsey is stepping down as chief executive. The 45-year-old businessman will be replaced by current chief technical officer (CTO), Parag Agrawal, Twitter said.

Mr Dorsey, who co-founded Twitter in 2006 and was the CEO of the tech company, in the recent years has been serving as chief executive of both Twitter and payment firm Square. There were a lot of rumour about his departure, some saying that the fact that he led two companies, was not liked by other Twitter bosses. However, in his final letter that he sent to the staff, said that “It’s finally time for me to leave”, saying the company was “ready to move on.”

Mr Dorsey said he has “deep” trust in his replacement, who joined Twitter in 2011, and has been the firm’s head of technology since 2017. “I’m deeply grateful for his skill, heart, and soul. It’s his time to lead,” he said.

I love twitter

— jack⚡️ (@jack) November 28, 2021

At that time it was not obvious, but on Sunday, Mr Dorsey tweeted: “I love Twitter.” After his last tweet as the tech company’s CEO he shared a message to the official corporate staff, saying: “Not sure anyone has heard but I resigned from Twitter.” He added: “There’s a lot of talk about the importance of a company being ‘founder-led’. Ultimately I believe that’s severely limiting and a single point of failure.”

not sure anyone has heard but,

I resigned from Twitter pic.twitter.com/G5tUkSSxkl

— jack⚡️ (@jack) November 29, 2021