On Monday, the social media giant announced that Parag Agrawal is replacing Dorsey at the helm.
"I've decided to leave Twitter because I believe the company is ready to move on from its founders. 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," said Dorsey, in a statement. "I want you all to know that this was my decision and I own it."
Dorsey, 45, came up with the idea of a micro-blogging site while studying at New York University in the late 1990s.
After dropping out of New York University, he moved to California to start a company to handle the dispatching of couriers, emergency vehicles and taxis. Dorsey co-founded Twitter in 2006.
Dorsey posted the first Tweet on March 21, 2006.
Later, he sold his tweet as an NFT for $2.9 million in 2021.
After serving as Twitter’s first CEO, Dorsey became chairman of the board in 2008 before resuming the CEO role in 2015.
Twitter is one of the most popular social media sites, with over 290 million monthly active users worldwide.