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Twitter co-founder Jack Dorsey is stepping down as chief executive of the company. He will be replaced by the current chief technical officer, Parag Agrawal, Twitter said. Mr Dorsey, who co-founded Twitter in 2006, has been serving as chief executive of both Twitter and payment firm Square. "It's finally time for me to leave" he wrote in a statement, saying the company was "ready to move on."

Dave Lee, The Financial Times San Francisco correspondent, explains that Dorsey had come under pressure from investors, who felt Twitter was not getting the focus it needed while he was also running Square - the financial company where he has said his passion lies. Shares spiked after the announcement, as an indication possibly that people feel it's the right decision for Twitter, which has had the reputation for moving too slowly when it comes to making decisions.

Photo: Jack Dorsey, former chief executive of Twitter, at the Indian Institute of Technology (IIT) in New Delhi, November 2018 Credit: Reuters