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Dick Move!

The CEO of Twitter will be stepping down, to be replaced by founder Jack Dorsey. 

 

The "clown car that crashed into a gold mine" just lost its ringmaster.

The CEO of Twitter, Dick Costolo, will be stepping down on July 1st, according to reports this afternoon. He'll be replaced on an interim basis by founder Jack Dorsey, as the company searches for a permanent replacement. Twitter's stock price jumped almost $4 on the news, from $35.80 a share to $39.35, in afternoon trading.

On Twitter (obv.), Costolo welcomed Dorsey's return, writing, "Welcome back, @jack !!

Though the company generated $1.4 billion in revenue last year, the move comes as Twitter's core business has come under criticism. In a widely-circulated memo, VC Chris Sacca pilloried the company, saying, "Twitter has failed to meet its own stated user growth expectations." Twitter, which trails Facebook badly in user base, was surpassed in 2104 in audience size by Instagram. 

In what we hope is an unrelated move, Twitter also announced recently that in July it would lift the 140-character cap on direct messages, allowing users to send messages of up to 10,00 characters.

 

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