Billionaire Buys Major Stake in Twitter and Why CEO Jack Dorsey Should Be Concerned


Twitter and her CEO Jack Dorsey have been known for censoring conservatives for quite some time.

As conservatives, we're sick and tired of it. Well, it looks like someone is actually doing something about it.

Billionaire activist and Republican megadonor Paul Singer purchased a very large stake in Twitter and plans on pushing out Jack Dorsey.

Now, one large investor has had enough. The powerful hedge fund Elliott Management has bought a sizable stake in Twitter in hopes of bringing change to the social media company.

Elliott is concerned that Dorsey hasn't focused enough on Twitter, because he is also chief executive of payments company Square. The hedge fund is pushing for a CEO whose sole job is running Twitter.

Adding pressure, Elliott has nominated four directors to the company's board, according to two people familiar with the matter. The two sides have had constructive talks, according to the people, who were not authorized to speak publicly. Twitter and Elliott declined to comment.

According to Fox News,

Paul Singer’s Elliott Management Corp. has already nominated four directors to Twitter's board, Bloomberg News reported, citing several sources familiar with the arrangement. The outlet noted that unlike other prominent tech CEOs, Dorsey didn't have voting control over Twitter because the company had just one class of stock; and he has long been a target for removal given Twitter's struggling user growth numbers and stock performance.

Singer, who opposed President Trump's campaign in 2016, has since changed his tune, raising the prospect that some of the changes to Twitter could make the platform a friendlier place for pro-Trump users. According to the Center for Responsive Politics, Singer donated $24 million to Republican and right-leaning groups in the 2016 election.

"As you know, Paul was very much involved with the anti-Trump or as they say 'Never Trump," and Paul just left [the White House] and he's given us his total support and it’s all about unification," Trump said in 2017. "So, I want to thank Paul Singer for being here and coming up to the office. He was a very strong opponent and now he's a very strong ally and I appreciate that."

Sources:
NPR | Fox News

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