Jack Dorsey’s future at Twitter in limbo
Twitter co-founder Jack Dorsey may soon be out as the social media company’s CEO.
According to media reports, Elliott Management, which owns about $1 billion in Twitter stock, believes Dorsey has failed to take the firm to greater heights.
Twitter's worth is based on more than 330 million monthly active users, as well as $10.16 billion in total assets, revenue of $3.04 billion and operating income of $453 million.
Reuters reports that hedge fund Elliott Management has amassed a stake in Twitter and will seek to install its own nominees in the social media company’s eight-member board when three of the directors stand for election.
Elliot Management is reportedly controlled by Republican mega-donor billionaire Paul Singer, who intends to push for changes at Twitter.
The Guardian newspaper reports that Singer is a Republican mega-donor who opposed Donald Trump during his run for the presidential nomination but has since come onside.
Trump famously communicates with the public largely through Twitter, at the expense of a traditional media strategy.
The newspaper says Twitter made headlines in October when it announced a ban on political advertising. Its use and potential manipulation by politicians of all stripes, from Trump to Democratic candidate Mike Bloomberg, remains a source of fierce contention.
According to Reuters, Dorsey, who is also chief executive of online payment company Square, yesterday received support from Tesla boss Elon Musk, who tweeted: “Just want [to] say that I support Jack as Twitter CEO,” using the heart emoji to say Dorsey has a good heart.