Twitter CEO Jack Dorsey is stepping down

Twitter CEO is stepping down from the position effective immediately, the company confirmed to CNBC. CTO Parag Agrawal will be the new chief executive. Engadget has contacted Twitter for comment.

, Dorsey had been in the unusual situation of running two notable tech companies: and . His first stint as Twitter CEO, which he co-founded, ended in 2008 when he was pushed out. He returned in 2015 when Dick Costolo .

Last year, activist investment firm Elliott Management called for Dorsey to leave his position at Twitter. The firm’s founder, Paul Singer, suggested Dorsey’s dual CEO role meant he wasn’t able to focus enough on the social media platform. Twitter with Elliott Management, which included a $2 billion stock buyback, to keep Dorsey in place, despite a shaky outlook for the company when the COVID-19 pandemic was starting to take hold.

Twitter missed Wall Street expectations on revenue and earnings per share last quarter. The main engagement metric, monetizable daily active users (mDAU), rose by 13 percent year-over-year to 211 million. However, average US mDAUs remained at 37 million for the second quarter running. In September, the company agreed to pay $809.5 million to settle a class-action suit, in which investors accused the company of providing misleading numbers about engagement. 

Advertising is still by far the biggest driver of Twitter revenue ($1.14 billion of the $1.28 billion it generated last quarter), but the company has been exploring other ways of making money over the last couple of years. Twitter bought newsletter service Revue in January and integrated it into the core Twitter platform. Users can charge readers to read newsletters and Twitter takes a five percent cut.

More recently, the company rolled out Twitter Blue, a $3/month service geared toward power users that adds features such as an undo button, bookmark folders and a way to make threads more readable. 

Update 11/29 10:45AM ET: Updated with confirmation.