Activist investor Elliott Management is seeking to oust Twitter founder Dorsey, it emerged late last week.
The $40.2bn hedge fund run by Paul Singer has taken a major stake in the social media company, thought to be worth $1bn, and has nominated four directors to Twitter’s board, as well as calling for Dorsey’s removal.
Elliott Management is one of the most successful activist investors on Wall Street. Another of its other current targets is Japanese technology investment giant SoftBank.
Dorsey has drawn criticism from some investors for running two publicly traded companies: Twitter and payments group Square. He also said he plans to work up to six months a year in Africa.
However, Twitter shares rose nearly 8% on Monday as investors reacted to news of Elliott’s stake in the company. The rally added more than $2bn to Twitter’s market capitalization, lifting it to $28bn .
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A journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.