A major Republican donor has bought a stake in Twitter and reportedly seeks to expel its executive director, Jack Dorsey.
Bloomberg News reported for the first time that Elliott Management has taken “considerable participation” and “and plans to drive changes in the social media company, including the replacement of Dorsey.”
Paul Singer, the billionaire founder of Elliott Management, is a mega Republican donor who opposed Donald Trump during the nomination of the real estate mogul to the presidential nomination, but since then it has been confirmed.
After a visit to the White House in February 2017, Trump said that Singer “was very involved with the anti-Trump or, as they say, ‘Never Trump’, and Paul just left, and has given us his full support and it’s all about unification. “
Trump communicates with the public largely through Twitter, at the expense of the traditional media strategy.
Twitter was news in October when it announced the ban on political advertising. Its use and possible manipulation by politicians of all trends, from Trump to Democratic candidate Mike Bloomberg, remains a source of fierce discussion.
Dorsey, co-founder of Twitter, is also the executive director of Square, an online payment company. In November, he announced a plan to live and work in Africa for part of each year.
It was reported that these movements were motivations for Singer’s desire to expel Dorsey. Other stakeholders have expressed concern about Dorsey’s leadership and Twitter has seen his fight for the price of the shares, although he recently reported quarterly revenues of over $ 1 billion for the first time.
Elliott Management is an activist investor, which means that it regularly drives change in the companies in which it buys shares.
Singer has even faced entire countries: in 2016, after a relentless campaign, he obtained a partial reimbursement of Argentina’s debts, derived from its financial collapse in the early 2000s.
Neither Elliott nor Twitter immediately offered comments.