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Costolo serious about Twitter business model as Evan Williams steps down

Twitter is one of those build-a-great-service then figure-out-how-to-make-money-later startups. We've seen many companies try this strategy lately, with some succeeding and some failing. Evan Williams, one of Twitter's three co-founders (with Jack Dorsey and Biz Stone), has been its CEO for the last two years since Jack Dorsey stepped aside to take up a role at e-commerce startup Square. Dick Costolo, previously Twitter's COO, has now taken over from Williams to focus the company on its Promoted Tweets business model. According to CNet, Costolo has been the driving force behind the Promoted Tweets idea -- and it's his greater business experience that makes him ideal for the role according to Williams. Ev himself will refocus on product strategy and vision, and that can be seen in the new Web-based Twitter interface in which he was instrumental.

With Twitter still struggling against security and service related issues, let's hope that they can find a viable business model to support the service, which now carries 90 million tweets a day and the musings of important people such as Justin Beiber, who apparently uses 3% of Twitter's server capacity at any one time. Marvelous.

Tags: Dick Costolo, DickCostolo, evan williams, EvanWilliams, Promoted Tweets, PromotedTweets, twitter