Twitter Inc (TWTR) Stock Price Leaps 8% In After-Hours Trading As CEO Dick Costolo Is Stepping Down

Shares of Twitter Inc. (NYSE:TWTR) jumped 8 percent in extended-hours trading Thursday after the social media company announced CEO Dick Costolo will step down on July 1. The embattled chief executive will be replaced by co-founder and chairman Jack Dorsey on an interim basis, but he will remain on the company's board. Dorsey will continue to serve as CEO of Square, Inc., the payments and financial services company he co-founded in 2009.