An activist investor is reportedly preparing a plan to oust Twitter CEO Jack Dorsey, and the stock is rising (TWTR)
- Paul Singer, founder of investment firm Elliot Management is planning to oust Twitter CEO Jack Dorsey, Bloomberg reported on Friday.
- Singer is reportedly seeking 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.
Paul Singer, founder of investment firm Elliott Management, 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 is looking to push 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 Elliot Management both declined to comment.
Join the conversation about this story »
NOW WATCH: Watch Google reveal the new Nest Mini, which is an updated Home Mini
Contributer : Tech Insider https://ift.tt/2VwjlNz
Reviewed by mimisabreena
on
Saturday, February 29, 2020
Rating:
No comments:
Post a Comment