Twitter Tries to Get Real, Trades In CEO

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.
(More Twitter stories.)