Twitter: founder boss Jack Dorsey challenged by Elliott fund

Posted Feb 29 2020 at 10:01 am

Jack Dorsey, founding boss of Twitter, will he too pay for the activist investment fund Elliott? According to the American press, the latter, who has taken a significant stake in Twitter, is indeed seeking to replace his emblematic boss.

According to a source from the CNBC chain, the American fund would like to dismiss Jack Dorsey “because his attention is divided between Twitter and Square (a company specializing in digital payment, also founded by Dorsey, editor’s note) and because he wants to leave in Africa “.

The New York-based fund is said to have appointed four directors to the Twitter board of directors. “There are only three seats available at this year’s annual meeting, but Elliott wanted to make sure he has appointed enough directors to fill the three seats or any vacancies that may arise,” said sources close to the case said.

Twitter’s share appreciated almost 8% in electronic exchanges after the close of Wall Street. Representatives of Elliott and Twitter declined to comment.

Easy target

Twitter has been a potential target for activist investors for years. The company only has one share class, which means that co-founder Dorsey does not have control of company votes like Mark Zuckerberg of Facebook Inc. or co-founders of Snap Evan Spiegel and Bobby Murphy.

Elliott is not the only investor to voice concerns about the governance of Dorsey and Twitter. In December, Scott Galloway, professor of marketing at New York University’s Stern School of Business, wrote a letter about his own concerns as an investor in the business.

Since Dorsey returned as CEO in July 2015, the company’s shares have fallen 6.2%, while those of Facebook have risen more than 121% during this period.

Elliott has a long history of turmoil in some of the biggest companies in the world. Samsung, ThyssenKrupp, Bayer, Pernod Ricard… the list of its often controversial acquisitions is long. The fund is also sometimes described as a “vulture” for its propensity to buy back the debts of countries in difficulty, like in Argentina, because of the high yields attached to it.

Source Agencies

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