It seems even Jack Dorsey has a character limit.

After more than a year and a half of pressure from activist investor Elliott Management, Mr. Dorsey will step down as the chief executive officer of Twitter , the company said Monday. Chief Technology Officer Parag Agarwal will succeed Mr. Dorsey as CEO, effective immediately, the company also said, noting that Mr. Dorsey will remain a member of Twitter’s board until his term expires next year. Twitter’s stock was up immediately after the news, but lost steam later in the day.

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