Twitter CEO Jack Dorsey will formally step down from his role, as of now. Dorsey co-founded Twitter with Evan Williams, Biz Stone and Noah Glass back in 2006 and served as CEO until 2008. He later got back to the CEO role in 2015 after previous CEO Dick Costolo stepped down. He has a net worth of roughly $11.8 billion, as per continuous following by Forbes. "There's a lot of talk about the importance of a company being 'founder led'," Dorsey said in an email to employees shared on Twitter Monday. "Ultimately, I believe that's severely limiting and a single point of failure. I've worked hard to ensure this company can break away from its founding and founders." Dorsey will be supplanted by Twitter boss innovation official Parag Agrawal, who has been collectively delegated by the online media monster's board. "He's been my choice for some time given how deeply he understands the company and its needs," Dorsey explained. "Parag has been behind every critical decision that has turned this company around." He additionally communicated his trust in approaching autonomous board executive Bret Taylor. "He understands entrepreneurship, taking risks, companies at massive scale, technology, product and he's an engineer," Dorsey said. "All of the things the board and the company deserve right now." What's more, he applauded the aspiration and capability of the Twitter group. The news, first detailed, caused Twitter offers to be stopped during Monday's exchanging meeting subsequent to flooding in pre market exchanging. "I want you all to know that this was my decision and I own it. It was a tough one for me, of course. I love this service and company…and all of you so much. I'm really sad…yet really happy." Dorsey concluded. There aren't many companies that get to this level. And there aren't many founders that that choose their company over their ego. I know we'll prove this was the right move." As well as driving the online media monster, Dorsey fills in as the CEO of Square, a monetary installment organization. His split obligations have recently brought up issues about his capacity to appropriately zero in on issues confronting Twitter. Last year, very rich person financial backer Paul Singer's Elliott Management dispatched a bid to expel Dorsey from his job. Nonetheless, Twitter's board advisory group managing the audit later prescribed to keep Dorsey in the job. Dorsey will stay an individual from Twitter's board until his term terminates at the 2022 gathering of investors. Twitter will hold a gathering required for everyone on Tuesday morning to examine and respond to representatives' inquiries concerning the progress. The organization accentuated that there are no progressions to the organization's recently shared monetary standpoint for the final quarter or entire year 2021 or its 2023 objectives.