jack dorsey stepping in as interim ceo.with us.ry we also have aaron levie with us and tim morris, former cfo and interim ceo at yahoo!. are a big twitter user. you've always got some thoughtful things to say about the industry. what you think? -- what do you think? for anybody watching, i came on the show to talk about our earnings and this happened jerod i don't know enough to add much value. came to ack and jack conclusion on what they wanted to do. this is probably more of a story about wall street possibility to think long-term about high-growth technology companies than it is about anything around twitter's potential. i don't know enough to really kind of comment on that. emily: you do know about the twitter product as a user. do you feel that as a service, twitter is living up to its potential? aaron: i don't think any services living up to its potential. there's always room for building new capabilities, new acquisitions, opening up new parts of your platform. i saw some of the things in chris's notes. some of the t

emily: ultimately, will be jack dorsey? >> it could be, but it jack needs to save square. are some people who needed to run two companies at the same time. emily: running one company is a difficult challenge, so running two seems very impossible. george: there is a short list. tim: both companies have issues they needed to take care of immediately. emily: crawford, should it be jack? crawford: i think the first chapter of twitter is closed. i think the next chapter needs to be someone who devolves product. -- who evolves the product. emily: someone like evan williams? crawford: yeah, i think it needs to evolve to a new place. it needs to attract a new type of user. emily: crawford, tim, and george. so for curtis -- so fortuitous to have you on the show today. we will continue to follow this. dick costolo stepping out as twitter ceo, jack dorsey stepping in as interim ceo, also the ceo of another company called square. we will talk gaming with ea founder and a lot more on twitter. ♪ mark:john: with all due respect to senator mark kirk-- ♪ mark: happy national corn on the co

emily: there has been a clear divide between evan williams' vision of the future, and jack dorsey. sn't there been jack co isn't there a lot of -- george zachary: and some of the original founders who weren't even in the company after it became twitter. robin chase: and some of them still disagree. george zachary: correct. emily: is a founder really the right person, one of the three or four? tim morse: i think a founder would be terrific because they have that spiritual leadership but someone has to step up and unite it. emily: what about the idea of twitter selling to google or microsoft? george zachary: you could sell it to someone, but the question is how they will integrate it. i think the google-twitter deal in terms of integrating tweets into search is a great deal, but i think google is useless in terms of having consumer products. they would have to keep it as a separate business. i do not think they will improve twitter on their own. emily: i want to take a listen to another comment from dick costolo from our interview talking about the pressure, the insane pressure he is

he will step down and jack dorsey will be the ceo of the company. it seems that the current ceo agreed to cancel all remaining on invested equity. -- atl continue to serve the same time twitter is reaffirming second earning forecast. this is big news. there were questions about how long he would last as ceo of the company as the shares were waning. he has undergone criticism. ask costolo will step down ceo of twitter. very timely that emily chang just talked about this issue. shares are up by about 10%. alix: joe, what do you make of this? haswitter's performance disappointed. it has not seen heavy change much, it looks the same as it did six years ago as facebook and instagram have exploded and gone to new areas. twitter, one of their big shareholders said, there are all these things you can fix. alix: people really didn't like the promoted items in twitter that were popping up. where as with instagram, people were ok with it. >> if you have a pretty picture, people seem more ok with it that. beener and instagram have in that battle. alix: as we se

jack dorsey stepping in as interim ceo.eorge zachary is with us. we also have aaron levie with us and tim morris, former cfo and interim ceo at yahoo!. aaron, you are a big twitter user. him you've always got some thoughtful things to say about the industry. what do you think? aaron: for anybody watching, i came on the show to talk about our earnings and this happened . i don't know enough to add much value. clearly dick and jack came to a conclusion on what they wanted to do. this is probably more of a story about wall street possibility to -- wall street's ability to think long-term about high-growth technology companies than it is about anything around twitter's potential. i don't know enough to really kind of comment on that. emily: you do know about the twitter product as a user. do you feel that as a service, twitter is living up to its potential? aaron: i don't think any services living up to its potential. there's always room for building new capabilities, new acquisitions, opening up new parts of your platform. i s

jack dorsey will become interim ceo.tter will look to fill the position internally and ex ternly. twitter's call just wrapping up minutes ago. josh lipton joins us with the latest, josh? >> melissa, let me bring you color from the call from jack dorsey, specifically. dorsey saying he wants to continue the good work that dick costolo and his team have been doing, that he's excited to work with the twitter team on what he says is an exciting lineup of products. he mentioned periscope for example and says they have huge unmatched potential and also wanted to make clear of why this transition is happening so take a listen to that. >> one thing i do want to make clear is that this transition is not the result of anything more than dick deciding to move on from his role as ceo. >> dick costolo said something interesting, which he said he thought the company would have been further scrutinized, melissa, if he stayed on, back to you. >> all right. josh lipton, thanks so much. let's get back to the analyst who predicted correctly

jack dorsey takes back the role he was pushed out of the 2008. no time to gamble -- the european union president warns greece that it is running out of options as the imf walks out of debt talks. a bloomberg exclusive -- we spent to the president of mexico fresh off the back of his midterm election victory. welcome to "countdown." it's 6:00 in london. let's talk about one of the big stories of the morning -- twitter. let's bring you the share price. you can see it on the screen beside me. dick costolo is out as ceo, back comes jack dossey. the man who sent the first ever tweet back in 2006 -- can he dragged more revenue out of the business? let's put this in the long-term perspective and show you how the share prices are over a longer time. . -- a longer time period. the expectation was built up around this -- since november, 2013. the stock closed at 35.84. let's move on to talk about something else -- that is greece . it seems that the diplomatic niceties have once of again evaporated in brussels. greece has been told to stop fighting its credi

maybe it will be jack dorsey, but maybe not.avid: go ahead, charlie. >> we're beating around the bush here. the market thought costolo was incompetent. that's it. we don't know if they're going to sell it. we don't know what they're going to do it. they don't have an adult in the room. why is the stock up 10%? the market, major investors believe mr. costolo was an incompetent ceo, he could not get the job done, he obviously hasn't gotten the job done, and that's why the stock is -- melissa: charlie, got a bone to pick with this guy? >> do you think he's competent, melissa? melissa: you know, i have -- >> you're a journalist, do you think he's a competent ceo based on everything we know? >> they're reaffirming their guidance, they're saying they're going to hit their target -- >> okay. melissa: i don't know that he has the confidence of investors, but i don't know that he's incompetent. >> well, if he doesn't have the confidence of investors, let's be clear, investors don't believe he's competent to run the company. that's what w

jack dorsey will be the interim ceo. jack dorsey has one of the best handles in history. @jack. >> if only i started twitter. >>> disturbing details this morning concerning the murders of a washington, d.c. family held captive in their home. we will tell you what investigators are now revealing about the case next. much check it out. the s6 takes wider selfies that fit everybody. the iphone 6 just cut off nana... nana!? when you do the math,

dick costolo out and jack dorsey in.ive interview in just a few minutes. >> and after we talk to cost low about twitter, we'll check in to see what investors should be doing with the stock. >> and we'll talk to the homp ton -- hampton's super visor. >> this is the june preliminary read on university michigan cinnamon and it came in at 94 .6. that is better than expect bud it is preliminary. it's not the final. last month's final was on the weak side but we started out the year with the strongest read going back to 2004 at 98.1. i'm not sure we garner much information. you hear a lot of chatter in the pits as the ten-year continues to rally. the dow is coming down. back to you. >> thank you very much rick. the top story today, twitter ceo is stepping down. and co-founder and chairman jack dorsey stepping in as interim ceo. shares spiked yesterday after the announcement. this morning up a more modest, let's call it almost 2%. joining us now exclusively is dick costolo twitter's ceo, outgoing, and jack dorsey twitter's chai

not jack dorsey. guest: i think jack has stepped into this role as chairman once before. i don't know. i'm not on the board. you should ask him. emily: catch the full interview next week. joining us to discuss, ryan, formerly at twitter, and jack dorsey's number two. what do you think of the picks? guest: they are fabulous picks good luck on the conversion. emily: larry page's number two in the ceo of netflix. guest: google fought hard to keep him and now he is running most of google. there is a lot of history there. it is going to be a hard one to convert. emily: what do you make of john's point that anyone running twitter will have a good job now. guest: that is mostly true. have have leadership capabilities which are proven and most of those people are fully employed. john is a great salesman. he can convert these people. emily: who do you think? guest: it is more about the person to tell the story the best about what the path forward for twitter is. that is the person that gets the role. it is probably going to be someone internally. trying to get an inside person is

jack dorsey stepping in. jim cramer has been critical of costolo. eeted, i okoh dick welcome back, jack. he'll be with us after the break. g you think about. that's where at&t can help. we monitor network traffic worldwide, so we can see things others can't. mitigating risks across your business. leaving you free to focus on what matters most. you probably know xerox as the company that's all about printing. but did you know we also support hospitals using electronic health records for more than 30 million patients? or that our software helps over 20 million smartphone users remotely configure e-mail every month? or how about processing nearly $5 billion in electronic toll payments a year? in fact, today's xerox is working in surprising ways to help companies simplify the way work gets done and life gets lived. with xerox, you're ready for real business. for the millions of americans suffering from ringing in their ears, there's no such thing as quiet time. but you can quiet the ringing with lipo-flavonoid, the number-one doctor-recommended brand. re

founder jack dorsey relinquishes his role. no more time for gambling. the eu president warns greece that the game is almost up. and, virtual reality is set to become household reality as facebook and microsoft team up to bring the oculus rift to the xbox. welcome to "the pulse" live from bloomberg's european headquarters in london. our top story today, twitter ceo dick costolo paying the price for the social media service's lack of user growth. costolo will step down and jack dorsey will return to take charge temporarily. caroline, this came really as a surprise. after hours, the share price went up. caroline: they seemed to like it. the share price spiked as much as 13%, all because this man is relinquishing his power. he will step aside on july 1. he's been there since 2010. he did achieve all that. he took twitter to the market. sensational valuation. since then, the share price has more than halved. more than 50% wiped off its valuation. therefore, he is bowing out. he leaves 60 million stock awards. he does remain on the board. some of the things,

twitter laid down rules for its next as they could jack dorsey -- force jack dorsey to make a tough decisionsunshine sports solar, all of that is ahead on "bloomberg west." first to our lead, we are talking about alibaba. alibaba folding its company, 11 main, into another company called open sky. this is their initial foray into u.s. e-commerce. so far it looks like it has not worked out. joining us right now is the ceo and cofounder as well as jeff richards, long time investors in china. i know that you guys work closely with alibaba. jeff, i like to shop, i have never used 11 maine. it was only around for one year, did it just have zero traction? >> i don't think it has zero traction, but it never really took off and had no marketing muscle behind it. it was mostly set up as an experiment for them to learn and put together a team that could work with vendors inside the u.s. and over time probably didn't get a lot of attention. hence the fact that you never shopped on the site. emily: brian, how would you evaluate this? a failure? an evolution in strategy? ryan: at the end of the day it is

jack dorsey back as the interim ceo o ceo.e is sticking with the company's current strategy. >> one of the reasons that i'm stepping into this interim role is because of the belief i have around our direction and our strategy and specifically around the product. i have a lot of context for it as chairman as talking with the management team running it's and i believe it's right and i don't anticipate any change. >> he will remain on the board as twitter begins it's search for a new ceo. former ceo will be part of the search committee. now internally there are two names in focus. adam bain currently head of global revenue and partnerships. he'll well liked in the advertising community but criticized as not having product experience. he noted the company's cfo is said to be too much of an outcider to silicon valley as a former wall street banker and lacks that product experience. this management shake up is likely to fuel more m&a talk. a long timeshare holder saying that twitter would make a good fit for google and on the press

emily: a lot of reporting that jack dorsey always wanted a job back. he punted on those questions when he got them yesterday. he said that i'm focused on finding the new ceo. he did outline what they're looking for. take a look at what jack dorsey have to say. >> we are looking for someone who really uses and loves the product in every single way. that is going to be a huge attribute that the search community -- committee is looking for. emily: is that person jack dorsey? he loves the product and lives in brees it every day. there's a certain committee form of evan williams and another cofounder. they're going to be looking inside and outside for somebody to lead this company. we will see how that search evolves. erik: emily, we thank you much for waking up early. that was emily chang it's a go. olivia: arsons of interview with dish network ceo on a potential merger with t-mobile. don't go away. ♪ olivia: coming up later today on bloomberg television 2012 presidential nominee mitt romney will be on "with all due respect to you don't want to miss it. er

this may be a steve jobs moment for jack dorsey. twitter announced dick costolo is leaving and will be replaced by dorsey. dorsey was one of the company's cofounders and he is returning to a job he was put out of in 2008. just as jobs was returning to apple after he was forced out. we spoke with the saudi prince in the ipo.sted he said the copy would be a force to a record -- reckoned with. have a billionto dollars of ebitda. we have [indiscernible] doubleclick. are integrated well they are forced to reckon with. scarlet: he says he believes twitter should remain a public company. consumer half finance risen more than forecast. get it to the stronger job market. scarlet: prices at the wholesale level rows of the fastest pace in the most three years. they were pushed higher by a sharp jump in the cost of gasoline. , coree of increases inflation remained moderate. the index was up by .1 of 1%. that is a look at the top stories. coming up,. alix: weighing in on the 2016 presidential race. when he has to say about scott walker and jeb bu

jack dorsey returns to salvage the company.heat is washington politicians must vote on trade legislation. it will be a very close vote. saturday and then monday, clinton and bush entered the presidential sweepstakes. good morning, everyone. this is "bloomberg surveillance ," live from our world headquarters in new york. it is friday, june 12. i'm tom keene. joining me, brendan greeley, and as always, we are talking world cup soccer with women. they play sweden. brendan: i am excited about it my girls are excited about it. my girls are so immersed in princess right now, it is amazing to see them get excited about athletes. we are still trying to get out of the group round. if we beat sweden, we get out of the group round. if not, we have to figure out how to go to nigeria. tom: here are top headlines of vonnie quinn. vonnie: turning to greece -- talks are turning into ultimatums in the greek debt crisis. the european union is giving greece 24 hours to come up with a plan its creditors can accept. eu officials say also in areas a

pimm: what could jack dorsey do dick costello -- costello -- costolo couldn't do? will help them get money, revenue was not going up, they were not maintaining users, there were problems. jack is a guy and is one of the founders who can say, look, we are going to go here. everyone will rally with him, , whommore, and dick everyone loves, everyone cheered, and it is hard not to love him, but i am concerned that if we keep the same strategy, then that is a bad thing. betty: it is interesting because we saw the flood of tweets after this announcement was made. many of his friends said that dick costolo increased market cap by 24 times, what other seo can boast that kind of record? it is all over the world, but my biggest disappointment with them is that in the old days, i was hoping that's howard lindell was going to -- that going tondell was join, and i asked howard, why don't you? and he said that he wished that tweeze were everywhere, but they weren't everywhere before. i think that is one of the many strategies that twitter should employ. betty: interesting, i don

jack dorsey says he supports this. r the new ceo comes in -- that is if it is not jack -- whether that person comes in and says i don't like the strategy and let's do something different, i don't know that would -- it could completely change everything. for now, this is going in line with what investors are telling twitter they want. they want information organized around live events. you were talking about video. they could stream award shows or sports games. it is a big opportunity. emily: we only have about 30 seconds but can you see twittered dominating all screens not just a computer and your phone but also television? nathan: i don't know about dominating television, but i think they could be the number one provider of information for the second screen experience. i think organizing people and communities and engagement around that content is what they will do and what they do best. emily: nathan brown, sarah frier -- thank you all for joining us. happy friday. ♪ mark: i am mark. john: i am john. jeb bush: i thoug

twitter announcing yesterday that ceo dick costolo will be leaving and replaced by jack dorsey. ey is one of twitter's cofounders and left in 2008, that has been invited back, just as jobs returned to apple after being ousted out. we spoke with saudi arabia and prince alawaleed and he had these thoughts on twitter. alawaleed: right now we are on the stage -- at the stage where we need a greater social network, and mr.costolo would be great to focus on twitter to do its own thing, and bring it into, into, into an entity on its own. alix: he said a new twitter will be a force to be reckoned with. senator elizabeth is fighting back from criticism from jamie dimon. dimon said "i don't know if she understands how the market works." now in a podcast interview, lauren -- warren told huffington post that she says i fully understand this system and that's what they don't like about me. she has gained prominence as one of wall street's fiercest critics. and those are your top stories. and our chief strategist from oppenheimer is back with me, and we have industrials, tech, consumer discret

what could jack dorsey bring that mr. costolo does not have? david: it is a company that is a little bit directionless at this moment. jack brings the founder vision. at least temporarily. there is a lot of con fusion and myths ofonfusion and the origins of twitter. jack is really be most definitive creator of the product. he may be able to figure out where goes better than others. pimm: what is wrong with twitter now? burdeneditter has been with false expectations since the beginning. facebook-scale business. that is an accurate discussion. force, it is vastly more important than as a business. the challenge that a leader house, whether jack or someone else, is to somehow make the withess opportunity lineup its cultural influence. i don't think it is impossible. on the other hand, it will never towards a system like facebook. scarlet: that makes the delicate remaining of the stock will be inevitable. always thought it was overvalued from the beginning. 's first task is to reset expectations, and tell wall street that their are high.n david: you

twitter could also make his choice of interim ceo jack dorsey.fasted not received any compensation. he said that the various first week back in 2006. another potential candidate is added noto with the idea of saving tell "the wall street journal" the wall streets are, goldman sachs doesn't want the job. another name thrown around as a former fox executives who could also be in the running for this one. currently on the board as well. he's seen as one of the most powerful media executives. the portfolio manager telling business insider twitter should look outside the company. maybe the cofounder or ceo rick meyer to take the job. the stocks plunged 18% am not. train for a company can swoop in like google and i was $20 billion company. nicole: face that tried to do that. sandra: a few top progress has been made in the greek that they allow, think again. the imf said the delegation has left the negotiations in brussels with major differences. >> we've been on this every single day. it's really brought a lot of turmoil to markets. before you focus on

cofounder jack dorsey will return to the role he was pushed out of.lo's departure will see him leave behind $16 million in stock awards. today, dominic strauss-kahn will learn whether he is found guilty of abrogated -- aggravated pimping charges. they have maintained his innocence from criminal activity, saying he has a right to a private life. 40 minutes into the session, let's get you up to speed. the ftse 100 pulling back in the early hour. the rest still down. the dax also lower, down by 0.5%. the athens stock exchange, there we are, down 4% after rising 8% yesterday. that market closed just before the imf vented their frustration about the lack of progress and major differences between creditors, the imf, and the greek government. have a look at what is going on in the bond markets. an hour and 40 minutes into trading here in europe. the german 10-year up by just a basis point. a clear divergence across the rest of europe. the italian 10-year up eight basis points. likewise in portugal. selling off a little bit on the periphery. let's lift the li

whether they will give it to jack dorsey. listen to what he had to say. board hase on the recognized that the ceo needs leeway to do what they needs to do.

jack dorsey, what would you recommend jack dorsey do, hearing from dick costolo?here are two things. one, to continue to disrupt and innovate. of writing, we communicate through video. periscope is a good direction. at the same time, it is about profitability. you are now public company. you have grown in audience. betty: now you need to make money. jay: and do it every 90 days. dick talku heard and howriscope profitable it is going to be. jay: you are not just a click away from 6 billion people. monetizing them should be easy. consistently as all the competition chasing it, is the hard part. betty: what is so difficult about that? jay: you have the balance of introduce monetization so you do not alienate your early users. it is coming up with -- when you look at facebook, facebook has done an amazing job of andgrating advertising their revenue per employee is off the charts. is to continue to innovate and your users will respect that you are a business and you have to have that balance. betty: you had that balance -- what is the message for twitter? o?at is their

interim basis by jack dorsey. rupert murdoch is expected to step down. the 84-year-old ceo is expected to give the title to his son james. rupert murdoch will continue as executive chairman. if you plan on sipping a soda in san francisco, it could be the first to have health warnings on soda ads, the consumption of sugary drinks is responsible for high rates of obesity and diabetes. >>> the non-profit educational education just launched free online step for students studying for the entrance exam. the official s.a.t. practice is created in cooperation with the board. sal khan, thanks for being here today. >> great to be here. >> for those who aren't familiar, what is the khan

jack dorsey talked about his interon friday. >> not a question i'm considering now. we have a great search committee looking for the right fit for twitter long terp. my tonow is to make sure our product cadence and momentum of execution continues within the company. also to make sure square continues its cadence and momentum with the strong team over there. >> meantime, shares of twitter having a rough day. a new 52-week low below $35. jon fortt said the interview was an embarrassment for costalo and dorsey. what's the long term? >> first of all it's hard for an investor to parse exactly what's true and what's not when talking about twitter. it seems every statement that comes out you have to go really? he says -- dorsey says i'm not thinking about being ceo. really? you have been thinking about leaving things for a long time.

dorsey's beard, jack dorsey's beard and dorsey's beard.ey beard has 24 followers, the others have a hundred or two. but that same beard had mark lazarus egging on hockey players to shave off their beards. now, these players -- in case you didn't know -- traditionally grow their beards postseason until the stanley cup. superstition, tradition, whatever it is, it's been going on for years. lazarus causing a ruckus saying, quote: the players won't like this, but i wish they would all stop growing their beards in the postseason. let's get their faces out there. let us talk about how young and attractive they are. oh, that is just such a play for millennial viewers. what must this guy, eric handholtz, think of all of that? he's the founder of beard brand accessories for the modern bearded brand. our story on nbc sports trying to push the hockey players to shave their beard got so much traction, eric. what do you think of a television executive who says that's not a millennial play, shave off the beard? >> god, i mean, it's just, it's absolutely

jack dorsey loves steve jobs.ere is his chance to see if he's been the in the wilderness not only long enough to grow the beard but to develop a higher sense of management expertise. >> a lot more to come. next up, according to reuters alibaba will have a netflix-like video streaming service in china in two months called tvo with content bought from china and other countries in addition to in-house productions. shares of netflix taking a leg down on the news in what's a rough take overall. executive chairman talked about original content rumors in november with david faber. here's what he said. >> does jack ma want to buy a studio? >> not necessarily. i want to learn from the inspiration, innovation in hollywood. in ten years we'll focus on two industries -- health and happiness. health industry which i told you about worrying about disease. happiness is that china is coming to the middle class. the u.s. and hollywood grows so fast when the u.s. grows tr from the big amount of middle class people coming. next 10,

costolo will be leaving and jack dorsey is returning on an interim basis. is returning to the job he was pushed out of in 2008. that is the way that jobs was pushed out at apple and return himself. dorsey said he is confident that twitter is going in the right direction. >> one of the reasons that i'm stepping into this interim role is because of the belief i have around our direction and our strategy, specifically around the products. i had a lot of contacts for it as chairman and talking to the demand team running it and i do believe that it is right and i do not anticipate any change in that strategy or the product direction. costolo guided twitter through its ipo back in 2013. he has fallen under some criticism because the stock has sinced by more than 50% its peak and company growth has been slowing. scarlet: the best line i saw from twitter was that jack dorsey's first order of business is to reopen the fighting pits. the telecom industry has lost a last-ditch bid to block net neutrality rules. the federal sales report denied a request from the regula

he is trying to side with jack dorsey saying he is black listed mr. porter from the "financial times" because of the report saying the large shareholder doesn't necessarily want jack dorsey bear. what is your take on it? >> he probably did say it and they do need to come in a major expectations because they are way too high. twitter has a broken business model. they haven't figured out a way to capture strategy. >> what's really amazing is they don't have a secession tragedy at the ceo last. they had five heads of product development in two years. twitter is like a clown car to the gold mines. the goldmine is in jeopardy. they need a guy who knows the product and how to sell the product. it's event driven news feed like facebook is doing right now. >> they don't have a business model. elizabeth: and electronic pitchfork. >> it is one big giant asset that's chronically lost money. maria: something has to give. you've got user growth slowing revenue growth slowing and at some point the changes we made like shareholders like alwaleed -- >> they've been t

twitter laid down rules for its next as they could jack dorsey -- force jack dorsey to make a tough decisionports

cofounder jack dorsey will come back and take over as interi from investors and the that the company's growth w trading. st and executive lal for a company that's had a yey since chief operatii ragani left the company and its of twitter, for not communicating unfavorably to growth and oths it's pingcked up the way. twitter had a difficult report with revenue and guidance coming in below expectations. the question is what happens now under jack dorsey, does he endh company to run and didn't seem interested in the job. does twitter g and all of those possibilities sending the stock up after hours as investors di twitter. numbers that tyler mentioned at the beginning of the broadcast which showed that americans stepped up their spending in may. retail sales rose 1.2% following a much smaller 0.2% gain in april. when people are willing to spend, that's typically a sign they feel good about the economy and their own job prospects.s more. >> consumers cocooned for most of the winter is spreading their wings. retail sales rose with a surge in car sales and clothing capping a month of better e

. ♪ emily: jack dorsey takes his place as interim chief executive.o a special breaking his edition of "bloomberg west" from san francisco. ♪ breaking news, a big shakeup at twitter, just in the last hour, dick costolo is stepping down as ceo. cofounder jack dorsey stepping in. the stock surging on this news. investors have been callin

cofounder jack dorsey stepping in. the stock surging on this news. have been calling for costolo's head for quite some time.

meanwhile, creator jack dorsey is stepping up as interim ceo.ill he stay on for the long-term. >> it's possible. jack dorsey is about minimalism and drama. he helped create the product. he's a cofounder. he has not addressed whether he would not be interested in the job. of course, piques everyone's interest that he could be. there are candidates that could be good. adam bane, he's the president of global revenue. he's done a good job taking revenue from basically zero to a little bit over it. melissa: something. >> (?) then you have the google senior vice president. chris cocke, the head product guy at facebook. also a name. he will be very hard to lure away, especially to a a smaller venture like twitter. just about 302 million monthly active users. >> this is from when you go from entrepreneurial ceo to needing the person who can carry it. what do you see for shares of twitter? >> they go lower. there is a bottom. there will be endless speculation of the company getting bought. the stock rocketed after hours. today, after open, up a few perce

jack dorsey will return. costolo took over in 2010.is ten year was marked with criticism about slowing user growth. he says the succession discussion began last year. >> we're obviously fully committed to maximize value per shareholders and we see no reason why we can't do that as an independent company because we're focussing on executing against the strategic priorities repeatedly. >> i do not forsee any changes in strategy. i believe in the course that the company is on and the management team's ability to fulfill it and execute on it. >> twitter shares gained about 8% in after hours trade. right now in frankfurt we're looking at shares of the social media firm up about 5%. on a programming note dick dick costolo and jack dorsey will be in squawk on the street at 10:00 a.m. eastern. you will not want to miss it. when i was looking at the me tricks this morning, 300 million active users, 500 million tweets are sent per day. there's no secret that this is a powerful social media platform but analysts say at the end of the day they nee

maria: jack dorsey will take over as interim ceo, interested in the full-time job. talk about that in the program. let's look insures of 21st century fox, parent company of this network, succession plan being put in place as rupert murdoch, the head of 21st century fox, handing day-to-day operations to james murdoch. become executive chairman along with blocland murdoch and the board meeting is next week so we will get the official hand off on tuesday when the board meets and confirms all of this. a weaker open for broader averages today. we had some weakness in european markets and the issue of greece continues, and uncertainty way of. in washington a major federal union says cybereffective employee information is more damaging than it first appeared. american federation of government employees reports personnel data and social security numbers for every federal and police was lost in the hack attack. the white house as 4 million current and former employees are affected by that december breached. news u.s. internet traffic regulations are in effect as federal comm

saudi prince says he does not want jack dorsey to be twitter's permanent ceo.the financial times he said the company needs a new leader with extensive experience to put priority on new users. he owns a 5% share in twitter. it didn't nouns that dick costolo would step down. you can seat stock losing a lot of momentum over the past month. and now year to date basically flat on the year though. >> realistic with that some with a remarkable experience. we spoke on friday. twitter still a story to watch. >>> now, moving on let's also talk about retailers at transatlantic takeover. involving two of the oldest retail names in canada and germany respectively. let's get out to landon dowdy from cnbc hq with the details. >> they strike a deal to buy from kaufhof department change for $3.2 billion. they've been in talks for months. the transaction is expected to close in the third quarter. and metro says it significantly reduces its debt. kaufhof which was founded in 1879 operates 135 stores in germany and belgium. primarily in city centers. the chain was part of the merg

here is jack dorsey about who is the right fit for the job? >> not even a question i'm considering right now. we have a great search committee looking for the right fit for twitter long term. my focus right now is to make sure our product cadence and momentum of execution continues within the company. also to make sure square continues its cadence and its momentum with our strong team over there. >> jack dorsey talking whether he would entertain staying on and removing the interim job. there is a search committee under way. we'll have to see how that plays out. joining us is twitter analyst darren kessler from raymond james and twitter shareholder kathy wood. you are the shareholder here. what are you feeling today? >> we've been averaging down. we are now in terms of the etf space the number two holder in ark-w. we are pleased with this news. we think costolo scaled the many company. they have three platforms to build out. they own realtime. hyperglobal, hyperlocal. nobody else does. they can get creative and do a lot with that. >> was this r

scarlet: jack dorsey is getting his steve jobs moment.are taking to the twitter management shakeup. good afternoon. alix: we want to get straight to a look at the markets. we are seeing is still up -- a selloff. it appears like we're looking at a risk off day. we had