Elliott Management Corp., a recent investor into Twitter, reportedly has plans to shake up the social media company which could involve the removal of pro-bitcoin CEO Jack Dorsey.
According to a report by Bloomberg on Saturday, Elliott, which is owned by billionaire investor Paul Singer, has taken a large stake in the social media platform Twitter. The report cites anonymous people “familiar with the matter,” claiming the new investor has plans to remove Dorsey, who co-founded Twitter and serves as CEO.
The anonymous sources say the New York-based firm has already nominated four new directors to Twitter’s board, with the intention of creating significant shakeups in the company. The sources told Bloomberg that Elliott, an activist investment group, approached Twitter about its concerns privately and had “constructive discussions” related to the issue.
According to the report, Twitter has been a target for activist investors due its solo class of stock that prevents Dorsey from having voting control of the company, such as in the case of Mark Zuckerberg and Facebook. Dorsey has already drawn fire over Twitter’s recent struggles given his dual role as founder and CEO of Square, a popular payment platform that has been a strong supporter of bitcoin.
Featured Image Credit: Photo via Pixabay.com