Twitter to name founder Jack Dorsey as permanent CEO

Twitter is expected to name co-founder Jack Dorsey as chief executive officer as early as Thursday.

Dorsey has been serving as interim CEO for the past three months following Dick Costolo’s departure in June. Sources told Re/code that he will continue to serve as CEO of the digital payments company he founded in 2009, Square.

The announcement comes as Twitter struggles to stay relevant and attract more users. The social giant is also considering doing away with its trademark 140-character limit with a new product that would allow users to send longer tweets.

According to eMarketer, Twitter’s user growth rate is decreasing. As of June, Twitter said it had 316 million monthly active users. It has hovered around the 300 million users mark for quite some time.

Globally, eMarketer expects Twitter to bring in more than $2bn in digital ad revenue this year, growing 61.8 per cent from 2014. In the US, ad dollars are predicted to increase 57.2 per cent to 1.3bn in 2015.

The social platform has ramped up its offerings for advertisers recently with features like autoplay video and a tool that allows marketers to better prepare for real-time advertising opportunities.

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