Paul Singer’s Elliott Management buys ‘sizable stake’ in Twitter and seeks to replace CEO Jack Dorsey, report
Billionaire Paul Singer’s Elliott Management has purchased a stake Twitter and is reportedly seeking to oust its chief executive, Jack Dorsey. Paul Singer, a major Republican donor is planning to push for changes at the social media company, including replacing Chief Executive Officer Jack Dorsey, according to a report by Bloomberg, citing people familiar with the matter.
Bloomberg News said the New York-based firm has already nominated four directors to Twitter’s board, citing people, who asked to not be identified because the matter isn’t public. However, the spokespersons for Elliott and Twitter declined to comment on the story.
Paul Elliott Singer is an activist investor, and philanthropist, with a net worth of $3.5 billion according to Forbes. He has been called a vulture capitalist because his hedge fund, Elliott Management Corporation (EMC), specializes in distressed debt acquisitions. Singer is also the founder and CEO of NML Capital Limited, a Cayman Islands company.
According to Bloomberg, Elliott isn’t the only investor to voice concerns about Dorsey and Twitter’s governance. In December 2019, Scott Galloway, a professor of marketing at New York University’s Stern School of Business, penned a letter about his own concerns as an investor in the company.