Paul Singer, the billionaire creator of the activist fund Elliott Management, is preparing a strategy to attempt to change Jack Dorsey as CEO of Twitter, according to a report Friday by Bloomberg.
Elliott, based in New York, has actually chosen 4 directors to Twitter’s board and likewise looks for to make other modifications at the business, Bloomberg stated. According to the report, Elliott has a “sizable” stake in Twitter, however the precise size of the stake is uncertain.
Twitter decreased to comment. Elliott Management didn’t right away react to an ask for remark.
One factor Elliott is promoting the takeover is since Dorsey’s time is divided in between running 2 public business, Twitter and the payments company Square, according to CNBC, which likewise reported the news. Dorsey’s desire to invest as much as 6 months in Africa this year is likewise an issue for Elliott, the report stated.
The news comes at a tough time for Twitter, as the social media attempts to handle election disinformation, abuse and other issues with the platform.
Twitter’s stock increased more than 7% in after-hours trading.