Breaking news 'Egypt is free! Egypt is free!'

Cairo, Egypt (CNN) -- President Hosni Mubarak has decided to stand down as president of Egypt, Vice President Omar Suleiman announced on state television Friday.

Suleiman said the Supreme Council of the Armed Forces will "run the affairs of the country."

Tens of thousands of anti-government protesters exploded in cheers on the streets of Cairo after the announcement.

"Egypt is Free!" they chanted.

A source with close connections to Persian Gulf government leaders told CNN that Mubarak had gone to the Red Sea resort town of Sharm el-Sheikh.

CNN's Ahmir Ahmed, Saad Abedine, Rima Maktabi, Tom Fenton, Anderson Cooper, John King, Jill Dougherty and Ivan Watson and journalist Ian Lee contributed to this report