Twitter Tries to Get Real, Trades In CEO

Micro-blogging pioneer with plenty of buzz but no revenue swaps execs
By Rob Quinn,  Newser Staff
Posted Oct 17, 2008 6:05 AM CDT
A Twitter user receives updates while watching a presidential debate.   (©quinn.anya)
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(Newser) – Twitter has shunted CEO Jack Dorsey into the chairman's role and given his job to current chairman and co-founder Evan Williams, CNET reports. The micro-blogging site has grown fast since launching last year and has been surrounded by plenty of buzz—but while managers say things are right on track, it still lacks a working revenue model.

"We all think Ev is a better fit to lead the company from a product perspective, an operations perspective, and a business standpoint," said a member of the board of directors. It isn't clear whether investor pressure led to the switch, but many Silicon Valley start-ups without real sources of revenue are starting to feel the squeeze as the financial crisis spreads.