Twitter traffic is booming. The company's market worth continues to climb. Heck, the technology is so seamlessly grafted into our news culture that mainstream outlets now report celebrities' Tweets as they would official public statements of Fortune 500 companies. But all is not well is Twitterland:

The rumors emanating from Twitter Inc. are certainly clear enough, at least in their general thrust, which is that COO Dick Costolo is stepping into duties once reserved for Williams -- and that this displacement is very much by design. It's lost on few Silicon Valley gossips that Costolo was denied the initial public stock offering he is said to have craved for his content distribution startup FeedBurner; he had to content himself with a private sale to Google for $100 million. With Twitter, at last, the serial startup founder has his shot at taking a company public.

Read the full story at Gawker.

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