Paul Singer - billionaire investor and founder of Elliott Management, is pushing to overthrow Twitter CEO Jack Dorsey - a major supporter of Bitcoin (BTC) and cryptocurrencies.
Follow report From CNBC Saturday morning, Elliott acquired a large stake in Twitter and is planning to "rid" the company's current CEO, Jack Dorsey.
Dorsey is also a leader at the payment company Square and is well known in the cryptocurrency community for his support of Bitcoin. He has also integrated on Twitter a symbol of the largest coin in this market if the user enters the hashtag #bitcoin.
Dorsey also dedicates a department in Square to handle Bitcoin-related technology issues. Square's Cash App also provides Bitcoin services, and this activity accounted for half of the company's revenue in Q4 2019.
However, during his leadership at Twitter, the CEO also received criticism regarding management style, with the platform being unable to implement groundbreaking ideas.
After Dorsey returned to Twitter in 2015, the company's stock plunged 6.2%. In contrast, competitor Facebook grew 121% in the same period.
A source from CNBC said that with three board seats at the company's next annual meeting, Elliott also wants to make sure there are enough members to hold the meeting. The investment firm also secretly discussed with Twitter about this issue.
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According to Coin68 / CoinDesk
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