Jack Dorsey Tweets Out!

Twitter's Jack Dorsey flies the coup.

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The co-founder and CEO of Twitter is stepping down. 

Jack Dorsey one of the creators of the social media phenomenon known as Twitter is leaving as we speak.

The controversial CEO has been instrumental in allowing the former president continue to push lies, misinformation and violence for nearly four years of his disgraceful term. It took a riot at the U.S. Capitol and the threats of more violence in the wake of that to force Dorsey to finally put an end to Washed Up 45's Twitter account.

Twitter was founded with Dorsey, Evan Williams, Biz Stone and Noah Glass in 2006. Dorsey served as the CEO for the first term until 2008. He returned back to the position after firing Dick Costolo in 2015.

He is worth $11.8 billion.

He found it stressful leading a company.

CNBC was first to report the Twitter CEO's departure. He said in his outgoing message that "There's a lot of talk about the importance of a company being 'founder led.'" He said that, "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."

He said that Parag Agrawal will be the new CEO of the company on Friday.

"[Parag]'s been my choice for some time given how deeply he understands the company and its need," Dorsey said. "[He} has been behind every critical decision that has turned this company around."

He also expressed confidence in board chairman Bret Taylor.

"He understands entrepreneurship, taking risk, 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."

He said that he praises the Twitter team in its decisions during the 2020-21 years. Given that our former president used that platform to share misinformation about COVID-19, racial unrest, the U.S. election and his role in the insurrection, the company had to stop it before it caused more violence.

A Republican donor named Karen Singer wanted to oust Dorsey from his role. Twitter kept him on.

Dorsey will remain on the board until 2022.