GOP Megadonor Paul Singer Buys Stake In Twitter, Seeks To Replace CEO Jack Dorsey
Bloomberg reported that Elliott Management took a “sizable stake” and “and plans to push for changes at the social media company, including replacing Dorsey.”
Singer is a billionaire who once opposed Donald Trump, but has since come around to endorse him.
After a visit to the White House in February 2017, Trump reportedly said Singer “was very much involved with the anti-Trump or, as they say, ‘Never Trump’, and Paul just left, and he’s given us his total support and it’s all about unification.”
Twitter announced in October that it would ban political advertising from the social media site. Dorsey also announced in November that he would live and work in Africa for part of the year. These are reportedly the motivations behind Singer’s decision.
Other stakeholders have also reportedly shown concern over Dorsey’s leadership and Twitter struggled with share prices in the past. However, it recently reported quarterly revenue above $1 billion for the first time.
Elliott Management, an activist investor, has a history of pushing for change in companies in which it buys shares from.