Elliott Reportedly Buys Major Stake In Twitter; Pushes For CEO Replacement

(RTTNews) - Hedge fund Elliott Management Corp. has bought a sizable stake in Twitter, and is pushing for several changes, including replacement of the Chief Executive Officer, Jack Dorsey, according to the reports citing people familiar with the matter. Elliott is concerned that Dorsey hasn't focused enough on Twitter, because he is also chief executive officer of payments company Square, the reports said.

Dorsey recently tweeted that he is moving to Africa for three to six months in 2020.

The reports said Elliott has nominated four directors to Twitter's board. The New York-based firm, founded by billionaire Paul Singer, has had constructive talks with Twitter.

Unlike other tech chief executive officers, Dorsey didn't have voting control over Twitter because the social networking giant has only common stock. So he has long been a target for removal. Many tech companies, like Facebook and Google, have multiple classes of stock.