According to a report by the BBC, Twitter CEO, Dick Costolo has announced that he will be step down. The 51-year-old stated that he’ll no longer be Twitter’s chief executive as of July 2015.
The social media platform has evolved during Costolo’s 5-year tenure; however, according to the report, the problem Costolo couldn’t solve was how to attract new users. Remarkably, some don’t even bother tweeting at all, the report stated.
The report reveals that last year as many as 44% of Twitter’s users had never posted a single message while others did not stay on the platform for an extended period of time.
Twitter’s main rival, Facebook has seen a a fair amount of growth over the years. According to eMarketer, Facebook commands a 7.93% share of the $145bn worldwide digital advertising market. Google has 31.42%… while Twitter lags behind with 0.87%.
According to a report by time.com, Dick Costolo insisted his departure had nothing to do with the company’s disappointing financial performance. Rather, he said: “It was just time to go.”
Costolo steps down without a replacement for his role, which is a telltale sign of trouble – according to the time.com report.
Twitter shares rose by 7% in after hours trading after the announcement of Costolo’s departure. They settling up around 4%, showing just how ready investors are for a change.