According to reports, Billionaire investor, Paul Singer’s Elliott Management has launched a bid to oust Twitter CEO, Jack Dorsey.
According to Bloomberg, Elliott is looking into replacing Twitter CEO Jack Dorsey (who, unlike Mark Zuckerberg, Evan Spiegel, or Bobby Murphy, doesn’t have voting power over his company).
Elliott Management has acquired a stake in the social media company and nominated four directors to Twitter’s board.
The firm pushed for the change stating that Dorsey’s attention is divided between running Twitter and his financial transactions startup Square, and that Dorsey intends to live part of each year in Africa.
Late last year, there were reports that investors in Twitter were publicly airing their worries about Dorsey’s plan to practically relocate to Africa. Some of these investors wondered if this would affect the CEO’s focus on Twitter and Square. Of note, one of Twitter’s shareholders, Scott Galloway, wrote an open letter to Twitter’s chairman Omid Kordestani. “A part-time CEO who is relocating to Africa?” Galloway criticized. “Enough already.”
Jack Dorsey is under scrutiny as twitter has been facing serious issues in recent times, from address misinformation to hacking, ad targeting for hate groups and privacy issues.