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Twitter stock soars on news that CEO Dick Costolo is out

JILLIAN D'ONFROJun 12, 2015, 01:47 IST

Twitter CEO Dick Costolo is stepping down, the company announced Thursday afternoon, and the stock shot up as much as 13% after hours.

It's currently hovering about 7.7% up.

Cofounder Jack Dorsey will be Twitter's interim CEO.

It's been a rough year for Twitter. Its stock plummeted after a disappointing Q1 earnings and investors and analysts were chattering about whether it was time for a leadership change.

It looks like they got their way.

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