Now, it looks like its actually happening.
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If this new turns out to be true, it will obviously affect a number of people going forward.
Costolo is now set to leave Twitter’s board, Re/code reported.
Twitter shares are down roughly 6% on Thursday ahead of the company’s expected announcement that cofounder Jack Dorsey will be appointed the new permanent CEO.
Twitter has 300 million users and is now one of the internet’s most popular sites.
The worries have seen its shares come under pressure, falling by almost 50% since late April.
Respected technology website re/code says Mr Dorsey will juggle his role as boss of payment company Square alongside the social network. Apple co-founder Jobs was a majority shareholder in, and chairman of, animation giants Pixar, while Musk founded and holds the top posts in both electric auto manufacturers Tesla and rocket makers SpaceX. He has been serving as the company’s interim chief executive for the past three months. Twitter’s inability to make profits, a sluggish user growth rate and the lack of clarity regarding a permanent CEO to lead the company has widely reflected on its stock price.
The news comes a day after reports suggested the platform may be considering expanding its 140-character-per-tweet limit.
But if it prices low and performs poorly on the stock market, he said, other tech companies in the queue will have a tougher time finding buyers. Why is it happening now?
The Twitter co-founder told the LA Times that the document, which is hanging in his office, “has very special significance”. Upon stepping down, Costolo praised Dorsey in a Bloomberg interview, calling him the “inventor of the product” and saying that he possesses “this fluency about the way he thinks about the product…that’s nearly remarkable”.
“Investors would have to get comfortable with how he would do both jobs well”, said David Erickson, a longtime banker and venture capitalist who teaches at the University of Pennsylvania Wharton School of Business.
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He has been running Twitter on an interim basis since July and is a leading candidate to take the job permanently.
