The Co-founder and face of Twitter, Jack Dorsey has shocked the world, announcing that he will be stepping down from his role of CEO of the company, effective immediately

In a statement, Dorsey says “I’ve decided to leave Twitter because I believe the company is ready to move on from its founders”.

“There aren’t many companies that get to this level’,” Dorsey concluded.

“And there aren’t many founders that choose their company over their own ego.”

Twitter’s current chief technology officer, Parag Agrawal will step up to the top job.

Dorsey’s statement continued, adding “my trust in Parag as Twitter’s CEO is deep. His work over the past 10 years has been transformational. I’m deeply grateful for his skill, heart, and soul. It’s his time to lead.”

The outgoing leader will remain a member of the social media giant’s board until at least next year.

His departure comes six years after he returned to the chief executive role to help turn around the business.

Should Zuckerberg follow suit?

There are a number of tech leaders Dorsey could be referring to in his resignation.

Facebook has been the subject of a number of controversies over the past few years, calls with calls for Zuckeberg’s removal.

There have been criticisms of his leadership style.

According to Fortune, Dorsey has previously poked fun at Zuckerberg’s ambitions to focus his company on the “metaverse,”

During Dorsey’s tenure, Twitter achieved profitability, posted its first billion-dollar quarter and began testing and releasing a wide range of features to draw in users.

But in recent times, Twitter has been unable to escape the challenges of content moderation and growing scrutiny from members of the public and global lawmakers.

Following Dorsey’s announcement, shares of Twitter jumped as much as 10 per cent in pre-market trading Monday, before retreating.