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Source: MARCO BELLO / Getty

Twitter CEO Jack Dorsey is reportedly stepping down from his post.

CNBC’s David Faber first reported that Dorsey will be leaving his executive gig. Twitter’s stock is already up 10% at the time of this post.

Reports CNBC:

Dorsey currently serves as both the CEO of Twitter and Square, his digital payments company. Twitter stakeholder Elliott Management had sought to replace Jack Dorsey as CEO in 2020 before the investment firm reached a deal with the company’s management.

Elliott Management founder and billionaire investor Paul Singer had wondered whether Dorsey should run both of the public companies, calling for him to step down as CEO of one of them.

Twitter did not respond to a request for comment.

Recently, Dorsey’s Square purchased Jay-Z’s Tidal streaming service. The deal was reportedly worth a cool $350 million.

Dorsey shared a statement on Twitter, of course, saying that he’s “resigned.” Effect immediately, Twitter’s board of directors has appointed Parag Agrawal, the company’s chief technology officer, as CEO.

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

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