Twitter co-founder Jack Dorsey is leaving the social media company

The co-founder and CEO of Twitter Inc., Jack Dorsey, has announced that he is leaving the company after being a part of it since 2006. Known for being one of the founders of the massive social network, Dorsey made his intentions clear in an internal email that he subsequently tweeted to all of his followers on the platform.

"After almost 16 years of having a role at our company... from co-founder to CEO to Chair to Exec Chair to interim-CEO to CEO... I decided it's finally time for me to leave. Why?

There's a lot of talk about the importance of a company being "founder-led." 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. There are 3 reasons I believe now is the right time."

Dorsey then proceeds to list the three reasons, noting that Parag Agrawal becoming the new CEO in his place as being the primary reason, as Dorsey mentioned his trust for Agrawal is "bone deep".

Following this, he also notes that Bret Taylor agreeing to become board chair played into it as well, as Dorsey states, "having Bret in this leadership role gives me a lot of confidence in the strength of our board going forward."

Last of all, he notes that the ambition and potential of the team played into the decision, with Dorsey going as far as saying, "I believe this with all my heart!"

As for why Dorsey is leaving the company and not remaining on as a member of the board for example, Dorsey gave an explanation for that as well, saying, "I believe it's critical a company can stand on its own, free of its founder's influence or direction."