Jack Dorsey speaks at Consensus 2018, image via CoinDesk archives.
Elliott Management Corp. - an activist investor owned by billionaire Paul Singer - has plans to shake up the management at Twitter.
As reported by Bloomberg on Saturday, Elliott has taken a large stake in the social media messaging platform and, according to "People familiar with the matter," has plans to remove Jack Dorsey as CEO.The hedge fund has already nominated four directors to Twitter's board, the sources said.
Dorsey is also the chief of payments firm Square and has become a darling of the crypto community for his advocacy of bitcoin.
He recently integrated a feature on Twitter that would display an icon for cryptocurrency if the #bitcoin tag was posted.
Dorsey has also set up a dedicated unit within Square to work on helping advance bitcoin's technology.
Square's Cash App offers bitcoin services, which provided almost half its revenue in Q4 2019.In his time as Twitter's commander-in-chief he's seen criticism over his management style, with the platform failing in some people's eyes to be sufficiently innovative and focusing instead on its core messaging service.
Since Dorsey returned to lead Twitter in mid 2015, the firms stock have dropped 6.2 percent.
Bloomberg's sources suggested that, with three board places to become available at the firm's next annual meeting, Elliott wanted to be sure to nominate enough candidates to fill the openings.
The investment firm has been in private talks with Twitter about its concerns, Bloomberg said.
New Twitter Investor May Remove Bitcoin Advocate Jack Dorsey as CEO
Udgivet den Feb 29, 2020
by Coindesk | Udgivet den Coinage
Coinage
Nævnt i denne artikel
Seneste nyheder
Se alt
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.