Twitter's CEO is out and now the stock is exploding higher
Twitter's stock surged as much as 13% in after-hours trading on Thursday after news broke that CEO Dick Costolo is stepping down on July 1.
The stock is flat year-to-date, and up 7% over the past 12 months.
Twitter's stock tanked by more than 20% on April 28 when the company's quarterly earnings leaked.
In a regulatory filing with the SEC, the company said Jack Dorsey will be the interim CEO.