New Twitter Investor May Remove Bitcoin Proponent, Jack Dorsey, Out of His Twitter CEO Post
According to Bloomberg report on Saturday, Elliott Management Corp, has taken a large stake in the social media platform, Twitter. Per the report, “people familiar with the matter” has hinted that the new investor has plans to remove Jack Dorsey as CEO.
Elliot Management has already appointed 4 of its reps to be a part of Twitter’s board. According to the report, the problem Elliott has with Dorsey is that he splits his efforts between working for the success of Twitter and his new payments processor, Square Inc.
Dorsey has been an advocate for Bitcoin and the crypto community likes him for that. He recently integrated a Bitcoin emoji feature on Twitter which was gladly accepted by the crypto community on the platform. Dorsey has also established a dedicated unit within the Square platform to work on helping to advance Bitcoin’s technology.
During his time as Twitter’s CEO, he has seen several criticisms over his management style. Over this period, the firm’s stock has dropped by 6% while its biggest rival, Facebook, has seen a 21% rise in its stock.
Meanwhile as it stands now, there has been no official confirmation from either Jack Dorsey or Elliott on the matter.
Featured image courtesy of Shutterstock. Source: Cryptopress.