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Dick Costolo to step down as chief executive of Twitter Inc. on July 1, as the social media company struggles to convince Wall Street of its growth strategy.

Co-founder Jack Dorsey will serve as interim CEO until a replacement is found. Coastal will, however, remain on the board.

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In the official release, Costolo made no mention of reasons for his departure from the company.

Coincidentally, Twitter stock is up 7%. Make of that what you will.

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