THE NEWS WRAP: Dick Costolo to step down as Twitter CEO

Twitter chief executive officer Dick Costolo will step down effective July 1.

Co-founder and chairman of the board Jack Dorsey will serve as interim CEO while the company searches for its next CEO. Costolo will continue to serve on Twitter’s board of directors.

“The future belongs to Twitter thanks in large part to Dick Costolo’s dedication and vision,” Dorsey said in a statement announcing the move.

“We have an exciting line-up of products and initiatives coming to market, and I look forward to continuing to execute our strategy while helping facilitate a smooth transition as the Board conducts its search.”

Twitter increasing DM limited

In other Twitter news the company will increase the limit on the number of characters usable in direct messages from 140 to 10,000 in July.

Public messages on the platform will remain limited to 140 characters. There’s no word of the exact date the change will be implemented.

Oculus unveils its consumer VR headset

Oculus has given the world its first look at its Rift consumer virtual reality headset, TechCrunch reports.

The Rift will shop with a wireless Xbox One controller and a small table-top camera on a stand that tracks head movement.

Oculus’ partnership with Microsoft also means the Rift will work natively with Windows 10 and play Xbox One games in the headset.

Overnight

The Dow Jones Industrial Average is up 38.97 to 18,039.37. The Australian dollar is currently trading at US78 cents.

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