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Mubarak's 30 Year Rule Is Over
Mubarak, who ruled for 30 years, is the second Arab leader forced to quit by a remarkable populist and largely peaceful uprising. Last month, Tunisia's president Zine al-Abidine Ben Ali resigned and left the country in the face of massive street protests against his regime.
Egypt's high military council, which has taken over the country, is headed by Defense Minister Mohammed Hussein Tantawi. He was made deputy prime minister just two weeks ago in an effort to appease protesters, and visited Tahrir Square during the demonstrations.
"Welcome back Egypt," tweeted Google executive Wael Ghonim, who became the face of protests since he was detained by security forces last month.
Men, women and children -- many with tears in their eyes -- flooded Cairo's streets as the atmosphere turned from one of determination to pure ecstasy.
"The Egyptian people won," a thrilled Amr Hamadi said.
Hamadi, a 32-year-old factory worker who was celebrating with other protesters near the presidential palace, said, "Egypt will be in 10 years one of the best countries in the world."
"This is the greatest day of my life," Nobel Laureate and opposition leader Mohamed ElBaradei said. "The country has been liberated."
The news has significant implications for the world and the United States. Egypt is one of the United States' closest allies in the region, a key economic partner and only one of two Arab states that recognize Israel.
Though the White House has distanced itself from Mubarak's administration over recent weeks, Mubarak was a close U.S. partner, helping broker peace deals between Israel and Palestine and supporting the U.S. in its wars against Iraq.
Mubarak's resignation was celebrated all over the Arab world.
In Gaza City, hundreds came out onto the streets firing weapons in the air in celebration. Fireworks erupted in Beirut as Mubarak's resignation was announced and people driving by the Egyptian embassy in Amman, Jordan, honked in celebration.
Hosni Mubarak.
Hosni Mubarak has stepped down as the president of Egypt, handing control of the country to the armed forces. Mubarak stepped down after eighteen days of mass protests across the country.

"In these difficult circumstances that the country is passing through, President Hosni Mubarak has decided to leave the position of the presidency. He has commissioned the armed forces council to direct the issues of the state," said the vice president of Egypt, Omar Suleiman. Both houses of parliament and the cabinet are expected to be suspended following Mubarak's resignation the BBC reports, quoting Al-Arabiya.

In response to the resignation, Nobel Peace laureate Mohamed ElBaradei stated that "This is the greatest day of my life. The country has been liberated."

Mubarak had been Egypt's president for nearly 30 years.