Large Hedge Fund Wants Jack Dorsey Out at Twitter
Posted on 02/29/2020
Paul Singer’s Elliott Management Corporation, an activist hedge fund, grew to a 5% stake in social media giant Twitter Inc. Elliott Management wants Twitter CEO Jack Dorsey to be removed. Dorsey owns about 2% of Twitter and does not have special voting shares like other technology founders, giving Elliott Management an edge. Jack Dorsey is also CEO of another listed company called Square Inc., which works in the mobile payments space. Dorsey helped founder Twitter in 2006 and served as CEO until 2008. Dorsey came back as CEO when Dick Costolo stepped down.
Elliott Management seeks to have its own nominees on Twitter’s eight-member board.
In addition, Dorsey disclosed that he plans to spend 6 months working out of Africa, even though both companies that he runs are in San Francisco.
