Twitter co-founder Jack Dorsey steps down as CEO

Twitter co-founder Jack Dorsey is once again out of the job. Dorsey has faced several distractions as CEO, starting with the fact that he's also founder and CEO of the payments company Square.

Some big investors have openly questioned whether he could effectively lead both companies. In a letter posted on his Twitter account, Dorsey said he was really sad but really happy about leaving the company and resignation was his decision.

Dorsey offered no specific reasons for his resignation. It is the end of six tumultuous years at the social platform, during which Twitter has been plagued with slow growth, weathered an investor revolt, grappled with accusations of failure to deal with problems of hate speech, harassment and other harmful activity and finally took the extraordinary step of banning a sitting U.S. president for creating a danger to public safety during the Jan. 6 insurrection at the U.S. Capitol.

Twitter named its current chief technology officer, Parag Agrawal, as CEO effective Monday. Dorsey will remain on the board until his term expires in 2022.