UPDATE:

Twitter CEO Jack Dorsey confirmed his decision to step down from his executive role with the social media giant in an announcement on behalf of the company on Monday (November 29).

"I've decided to leave Twitter because I believe the company is ready to move on from its founders," Dorsey said in a statement obtained by CNBC, though not specifying additional details on why he decided to resign.

Parag Agrawal, the company's chief technology officer, will take over as Twitter's CEO amid Dorsey's resignation. Agrawal has worked for Twitter for more than a decade, having previously led the social media company's strategy involving artificial intelligence and machine learning prior to being promoted to CTO in 2017.

Dorsey will remain a member of Twitter's Board until his term expires at the 2022 meeting of stockholders, the company confirmed in its statement.

Salesforce President and COO Bret Taylor will take over as the Chairman of the Board, replacing Patrick Pichette, who had previously worked as a Google executive and now serve as chair of the Audit committee on the Board.

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Shares of the popular social media app/website Twitter jumped to more than 11% in pre-market trading on Monday (November 29) morning amid reports of CEO Jack Dorsey's intention to step down from his position, CNBC reports.

The spike comes after sources told CNBC's David Faber that Dorsey, who currently serves as both the CEO of Twitter and Square, a digital payments company, intended to step down from his executive role.

The next CEO would enter the position facing lofty internal goals set by the company, which aims to have 315 million monetizable daily active users by the end of 2023, as well as double its annual revenue by that deadline.

Dorsey faced a potential ousting last year after Twitter stakeholder Elliott Management intended to replace him as the social media company's CEO.

Elliott Management founder and billionaire investor Paul Singer publicly questioned whether the 45-year-old could simultaneously run Twitter and Square and called for Dorsey to step down from one of his executive roles prior to Elliott Management reaching a deal with Twitter.

Dorsey, who founded the social media app/website, initially served as Twitter's CEO from its 2006 launch to 2008 before being pushed out of his role and later reclaiming the position in 2015 after former CEO Dick Costolo stepped down.

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