Twitter activist shareholder Elliott takes aim at CEO Dorsey - report

News Wireless Global 2 MAR 2020
Twitter activist shareholder Elliott takes aim at CEO Dorsey - report
Elliott Management has nominated four directors to Twitter’s board, with sources saying the activist shareholder wants to oust Twitter CEO Jack Dorsey, Bloomberg reported. The shareholder said the CEO’s attention is too divided, running both Twitter and Square. Also, Dorsey said late last year in a tweet that he would like to live in Africa for 3-6 months this year. The move surprised executives at Twitter and angered investors. 

Dorsey is the only CEO of two public companies with market valuations of more than USD 5 billion, CNBC noted. He started his second term as CEO in 2015.  Meanwhile, Elliott has about USD 1 billion worth of Twitter shares, the Wall Street Journal said. 

The messaging company reported a strong finish to 2019, with better than expected results for the fourth quarter, but said it will have to increase spending this year in order to maintain that growth momentum.

Categories:

Mobile

Companies:

Twitter,  Square

Regions:

Global

Tags:

Shareholders & subsidiaries, Corporate strategy, Officers & directors

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