- Elliott Management, the massive activist investment firm led by Paul Singer, is planning to oust Twitter CEO Jack Dorsey, Bloomberg reported on Friday.
- CNBC also reported that Singer wants to push Dorsey out in part because of his time being divided between running Twitter and Square, as well as his stated plans to move to Africa this year.
- Singer’s firm has taken a large stake in Twitter and has nominated four directors to its board, Bloomberg reported.
- Twitter’s stock rose more than 7% in after-hours trading following the news.
- Visit Business Insider’s homepage for more stories.
Elliott Management, the massive investment firm led by Paul Singer, is seeking the removal of Twitter CEO Jack Dorsey, Bloomberg reported on Friday.
Singer’s firm has taken a substantial stake in Twitter and has nominated four directors to its board, Bloomberg reported.
CNBC also reported the news, saying that part of the reason Singer wants Dorsey out is his attention being split between running both Twitter and financial technology company Square as CEO of both firms – and because of Dorsey’s stated plans to move to Africa this year.
Twitter’s stock jumped more than 7% in after-hours trading on Friday.
Twitter and Elliott Management both declined to comment.
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