In a matter that seems like a blur to most of us, Facebook stock jumped more than 50% today after the company’s CEO Mark Zuckerberg announced he would be resigning from his post.
The news sparked massive stock gains on Twitter, Twitter’s own stock dropped $100,000.
Facebook stock rose to an all-time high on Monday.
Zuckerberg had previously said that he would not be resignting from the post and that he planned to take the reins for the rest of the year.
This morning, however, he announced his intention to stay in the post.
Zuckerberg announced the decision on his Facebook page and wrote on Facebook that he is leaving for a new role that he believes is better for the company.
In an interview with CNNMoney’s Brooke Baldwin, Zuckerberg said that the news is “incredibly important” to him and that it was “time for a change in leadership.”
Zuckerberg said he believes that the company needs to focus on “making more real-time decisions for the future,” according to Baldwin.
Zuckerberg, who is the second-highest paid CEO in the world after Google CEO Larry Page, said that while he had a lot of personal life to handle, he is not “someone who has the time or inclination to have a lot more time or to have more responsibility.”
Zuckerberg also said that “in this business, you can be the best in the room and still not do all the things you want to do.”
Zuckerberg, an investor and investor advocate, said in the interview that he “will continue to invest in Facebook, in the long run, and I am confident we will make great progress” moving forward.
Facebook’s stock is up more than 30% in 2017, and it is now trading at more than $26 per share.
That’s the highest it has been since April of last year, when it was trading for just $21 per share, according to FactSet.