Elliott Management Corp – an investment company owned by billionaire Paul Singer has plans to rock the management system at social networking Twitter.
Twitter CEO Jack Dorsey
As Bloomberg did reporting Today, Elliott has held a majority stake in the world's second-largest social networking platform, and according to “people familiar with the matter,” they have plans to remove the CEO of co-founder Jack Dorsey. .
Elliott has nominated four directors to Twitter's board, sources said.
Jack Dorsey is one of the most influential technology entrepreneurs in the world, on par with Steve Jobs, Mark Zuckerberg and Elon Musk.
Dorsey runs not one but two major tech companies: Square and Twitter, bringing the 41-year-old billionaire to a net worth of more than $ 4 billion. Forbes.
Jack Dorsey was best known as a co-founder of Twitter in 2006. But the start-up journey was not entirely flat. In 2008, Dorsey was fired from his social networking company co-founded, before returning to his executive position 7 years later.
His payment company Square has become the darling of the cryptocurrency community because of his support for Bitcoin. He recently integrated a feature on Twitter that would display an icon for cryptocurrency if the #bitcoin card is posted.
Dorsey also established a dedicated unit within Square to work on improving Bitcoin's technology. Square's Cash payment application, which provides bitcoin trading services, generated nearly half of its revenue in Q4 / 2019.
However, during his time as commander in chief of Twitter, he received criticism for his eccentric management style, plus Twitter's failure to expand its users.
Since Dorsey returned to lead Twitter in mid-2015, shares of companies have dropped 6.2%. On the other hand, Facebook competitor has increased by 121% over the same period.
According to Bloomberg sources, with three board positions to be present at the company's next annual meeting, Elliott wants to be sure to nominate enough to fill the vacancy. And the possibility of Jack Dorsey resigning is very high.
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