- [Daily Mail, Where America Gets Its News] Dorsey, 45, announced on Twitter on Monday that he is stepping down as CEO of social media giant Twitter
- He was the CEO of Twitter since it was first founded in 2006
- Dorsey will be replaced by current CTO Parag Agrawal
- He was previously removed from his position for reportedly leaving work early to enjoy other pursuits like yoga and fashion design
- The move comes after a major bust up between Dorsey and Elliott Management, a hedge fund run by Paul Singer which has a substantial stake in Twitter
- It resulted in the hedge fund trying to replace him as CEO
- While Dorsey managed to hold onto his role, the hedge fund was able to force Twitter to make multiple changes to its corporate structure
- Dorsey has also long faced criticism about his ability to run both Twitter and Square, arguing that he should not be juggling both firms as CEO
- In fact, when the news leaked of Dorsey's imminent departure, Twitter's share price soared by 11 percent
- Trading on the social media giant were suspended by 10am, but soon resumed