Twitter Inc. Chief Executive Officer Dick Costolo abruptly announced he was stepping down on Thursday amid increasing scrutiny of the company's slow user growth and inability to attract advertisers at the same rate as its competitors.
Costolo will be replaced by co-founder Jack Dorsey on an interim basis.
The company's shares jumped 7.7 percent to $38.60 following the news before paring gains to trade at $37.54.
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