Big news out of Silicon Valley this afternoon: according to a filing submitted to the SEC, Dick Costolo — the struggling CEO of Twitter — is stepping down, and in his place, at least for the time being, is Jack Dorsey, the former CEO of Twitter and an interesting character himself. Dorsey starts back at the company he co-founded July 1, the New York Times reports.
It's sounding like Twitter's inability to convert a ton of users into expected levels of revenue brought an end to Costolo's time in charge of the popular social media platform. In a statement given to Buzzfeed by Costolo, he said, "I am deeply appreciative of the confidence the board, the management team and the employees have placed in me over the years, and I look forward to supporting Twitter however I can going forward."
Interestingly, Costolo agreed to let go of his remaining equity stake as part of the transition.
Michael Rosen is a reporter for Fusion based out of Oakland.