Chris Hughes (Photo by USV; courtesy Wikimedia Commons)

Facebook co-founder Chris Hughes is selling The New Republic after four years.

Hughes, 32, gave the announcement via a staff memo he reposted on Medium that he is now moving on from the magazine, which originated in D.C. and once promoted itself as “the in-flight magazine of Air Force One.”

“After investing a great deal of time, energy, and over $20 million, I have come to the conclusion that it is time for new leadership and vision at The New Republic. Although I do not have the silver bullet, a new owner should have the vision and commitment to carry on the traditions that make this place unique and give it a new mandate for a new century,” the memo reads.

“I will be the first to admit that when I took on this challenge nearly four years ago, I underestimated the difficulty of transitioning an old and traditional institution into a digital media company in today’s quickly evolving climate,” Hughes continued.

In December 2014 the publication’s new CEO Guy Vidra announced plans to restructure the magazine’s model into “leading to more distribution and creative ways of telling stories made possible only through digital means” causing staffers and contributors to leave. Editor-in-Chief Franklin Foer was replaced with Gabriel Snyder and the headquarters was moved to New York.

After the shakeup, the number of print issues was decreased from 20 a year to 10 a year. Web traffic also declined by more than 50%.

The Wall Street Journal reports that Hughes has already started talking to potential buyers from digital startups and bigger media companies.

According to Forbes, the business mogul has a net worth of $450 million.