Billionaire investor and founder of Elliott Management Corp, Paul Singer, reportedly wants to replace Jack Dorsey as CEO of Twitter.
Elliott Management To Replace Jack Dorsey?
After Elliott Management took a notable stake in Twitter, the investment company is pushing for several changes, according to a Bloomberg report. One of the alterations includes the replacement of the current Chief Executive Officer, Jack Dorsey.
According to people familiar with the matter, Elliott has approached the San Francisco-based Twitter privately. Aside from being a CEO at the social media giant, Dorsey simultaneously serves in the same position at the financial service company – Square.
Elliott Management believes that his attention is split between the two firms. Additionally, Dorsey has previously declared that he wants to work up to six months per year in Africa.
Therefore, Elliott reportedly claimed that Twitter is falling behind on innovations, unlike other social media platforms. With the approach of the U.S. election, the Summer Olympics, and the coronavirus outbreak, which are events considered to attract new users, Elliott’s push comes at a critical time.
Twitter has only one class of stock. It means that co-founder Dorsey doesn’t have voting control of the company and could be targeted in such a manner.
At the time of this writing, Twitter or Dorsey hasn’t published an official statement.
What Does It Mean For Bitcoin?
Twitter CEO has been quite supportive of the largest cryptocurrency in the past. Eventually, it led to the creation of the Bitcoin emoji, as reported earlier this month. Dorsey not only updated his personal profile with the new BTC emoji at the time, but he keeps it until this day.
This raises a legitimate question among the community. Members are wondering what it could mean if Elliott succeeds in replacing him. Twitter is one of the few social media platforms that allow open cryptocurrency discussions.
Featured image courtesy of CNBC