Stock Alert: Twitter Rises More Than 7% After Elliott Management Buys Stake

(RTTNews) - Shares of Twitter Inc. (TWTR) are rising more than 7 percent in the morning trade on Monday at $35.69, after hedge fund Elliott Management reportedly acquired a sizable stake in the social media networking site and is looking to oust Twitter CEO Jack Dorsey.

The stock has traded in a range of $28.63 to $45.86 in the past 52 weeks.

According to reports, hedge fund Elliott Management Corp. has bought a sizable stake in Twitter, and is pushing for several changes at the company. This includes the replacement of Twitter's Chief Executive Officer Jack Dorsey. Elliott is reportedly concerned that Dorsey has not focused enough on Twitter as he is also chief executive officer of payments company Square, Inc (SQ).

Dorsey recently tweeted that he is moving to Africa for three to six months in 2020. According to the reports, Elliott has also nominated four directors to Twitter's board. The New York-based firm, founded by billionaire Paul Singer, has held constructive talks with Twitter.