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Twitter CEO and co-founder Jack Dorsey officially resigned Monday.

Dorsey wrote that it was "finally time for me to leave" and that he believes that "the company is ready to move on from its founders".

Former chief technology officer Parag Agrawal has been announced as Dorsey's successor.

Twitter shares rose 11% following earlier reports that Dorsey would resign.

Dorsey told CNBC earlier that he would like to become a fashion designer or massage therapist.

Dorsey, who is worth nearly $13 billion, according to Forbes, has faced scrutiny in the last year over Twitter's censorship policies, including its ban of former US President Donald Trump and Twitter's censoring of a New York Post story about the laptop of US President Joe Biden's son Hunter Biden.

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