Jack Dorsey steps down as Twitter CEO

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Jack Dorsey, co-founder and chief executive officer of Twitter, says he has resigned from his role at the company.

Dorsey announced his resignation in a Twitter post today.

Following the report of his resignation, Twitter’s shares soared by more than 11 percent to $52.25 — forcing the NASDAQ stock market to suspend trading in the stock of the company.

This isn’t the first time Dorsey has exited his role as CEO of Twitter. Dorsey first served as the company’s CEO until 2008 when he transitioned to board chairman.

He became interim CEO in 2015 following the resignation of Dick Costolo. Few months later, Dorsey was named permanent CEO.

Dorsey co-founded Square, a payments-processing company, in 2009 and has split his time between both companies since then.

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