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Twitter CEO Dick Costolo steps down; Direct messages’ 140 character limit removed

Amid mounting pressure from investors from Wall Street, Dick Costolo has stepped down from his role as chief executive officer of microblogging platform Twitter after five years and the company's co-founder and chairman Jack Dorsey will take over as interim CEO. Welcome back, @jack !! https://t.co/3papmyUKg0 — dick costolo (@dickc) June 11, 2015 The Wall Street Journal reports that the company will be searching for a new CEO both internally and externally. The search committee will include board members Peter Currie, Peter Fenton and co-founder Evan Williams. Interestingly, Jack Dorsey, who is also CEO of payments company Square Inc, will not be on the committee to find a new chief. It's worth noting that one of Twitter’s earliest investors Chris Sacca recently wrote a really long blog post about the microblogging site, and said among many, many other things that “Twitter has been unable to convince investors of its potential upside” and “Wall Street’s confidence in the management team has diminished.” Under Costolo's stewardship, the company has been trying hard to acquire new users on its platform and has been acquiring a number of companies to give new product offerings. For the quarter ended March 31, Twitter reported 302 million monthly active users globally, reflecting a growth of 18% year-on-year. Rival social networking site Facebook on the other hand reported 1.44 billion monthly active users in the same quarter. In a recent conference call, Twitter said that it has prioritzed emerging markets as a growth vehicle and added a new set of users known as SMS…

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