Twitter stock jumped by as much as 10 percent in pre-market trading before being halted following news that CEO Jack Dorsey is resigning from the company, to be replaced by Chief Technology Officer Parag Agrawal

CNBC reported this morning that according to confidential sources, Twitter CEO Jack Dorsey is expected to step down from his position at the company soon. Dorsey served as the CEO of both Twitter and the digital payment processor Square.

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Following the CNBC report, Dorsey publicly shared his letter of resignation from the company.

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

Twitter shares trended upwards following the announcement before being halted due to news pending. Shares were up as much as 10 percent in pre-market trading following the initial news of Dorsey’s plans to leave the firm.

Dorsey will be replaced as CEO by Parag Agrawal, Twitter’s Chief Technology Officer. Agrawal will now be responsible for hitting the targets set by Twitter recently of 315 monetizable daily active users by the end of 2023 and double the company’s current annual revenue.

This isn’t the first time that Dorsey has faced losing his role as CEO; last year Twitter stakeholder Elliott Management sought to replace him after the firm’s founder and billionaire investor Paul Singer questioned Dorsey’s ability to run both Square and Twitter.

Dorsey founded Twiter and served as company CEO until 2008 when he was pushed out of the role before returning in 2015 after former CEO Dick Costolo left.

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