The good news: Jack Dorsey, the handsome programmer ousted as Twitter's CEO yesterday, can put his nose ring back in and stop seeing that CEO coach he hired. The bad news: His cofounder, Ev Williams, who's replacing him as CEO, is sugarcoating Dorsey's exit. Dorsey is not going to be working in Twitter's office , and his coworkers are saying their tearful goodbyes ; he's effectively out of the company, though he retains the title of chairman and what is presumably a large stake in the messaging startup. So why did Dorsey get fired?"This has nothing to do with the economy," Fred Wilson, a partner at Twitter investor Union Square Ventures, told The Deal . True enough — but it does have to do with Dorsey's incompetence. One industry insider says he botched several acquisition offers — one by nattering on about his original idea for Twitter as a messaging service for ambulance drivers and bicycle couriers , an idea he still wanted to pursue after a Twitter acquisition.