Twitter co-founder Jack Dorsey stepping down as CEO

Shares of Twitter are surging on a report that co-founder Jack Dorsey will step down as the company’s chief executive

Twitter co-founder Jack Dorsey will step down as CEO of the social media platform, the company announced. He will be succeeded by Twitter's current Chief Technology Officer Parag Agrawal.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

Shares of Twitter are surging on a report that co-founder Jack Dorsey will step down as the company's chief executive.

Twitter’s stock, which has consistently underperformed the market, jumped more than 10% at the opening bell Monday before trading was halted pending news.