Twitter's CEO is out and now the stock is exploding higher

Advertisement

Twitter's stock surged as much as 13% in after-hours trading on Thursday after news broke that CEO Dick Costolo is stepping down on July 1.

Advertisement

The stock is flat year-to-date, and up 7% over the past 12 months.

Twitter's stock tanked by more than 20% on April 28 when the company's quarterly earnings leaked.

In a regulatory filing with the SEC, the company said Jack Dorsey will be the interim CEO.

More to come...

Advertisement

800Screen Shot 2015 06 11 at 4.13.38 PM

Google Finance

NOW WATCH: Forget the Apple Watch - here's the new watch everyone on Wall Street wants

Next StoryAmerica's big companies are sitting on a record $1.82 trillion in cash