Tumblr CEO David Karp is stepping down

Tumblr founder and CEO David Karp will stജep down after more than 10 years at the hel🅠m of the blogging service, he said on Monday.

“My decision comes after months of reflection on my personal ambitions, and at no cost to my hopefulness for Tumb🎃lr’s future or the impact I know it can have,” Karp said in a letter to staff.

Tumblr is part of Verizon’s Oath business, which houses Yahoo and AOL internet properties. Yahoo, under the direction of former CEO Marissa Mayer, bought Tumblr for $1.1 billion in 2013, only to mark its value down sharply amid market-share losses, slowing revenue grow🌃th and weꦛak cash flow.

Jeff D‘Onofrio, Tumblr’s chief operating officer,ඣ will continue to lead Tumblr after Karp steps down by the end of the year, an Oath spokeswoman said via email.

Tumblr, founded in 2007, grew rapidly to become a hub for young people to post pictures and text. The platform has almost 380 🔴million blogs.