Twitter: activist fund Elliott seeks to replace Jack Dorsey

by bold-lichterman

The investment fund Elliott is seeking to replace Jack Dorsey, boss and founder of the social network Twitter and figure of Silicon Valley, according to articles published in the American financial press on Friday. According to a source from the CNBC channel, the American fund would like to dismiss Jack Dorsey “Because his attention is divided between Twitter and Square (a company specializing in digital payment, also founded by Mr. Dorsey, editor’s note) and because he wants to go to Africa”.

Twitter action appreciated by nearly 8% in electronic exchanges after the close of Wall Street. The San Francisco-based company declined to comment. March 21, 2006 Jack Dorsey sends the first tweet: “just setting up my twttr” from his @jack account, the first address in Twitter history.

Attract the general public

But in 2008, criticized for his mismanagement, he was ousted and replaced by another co-founder, Evan Williams. Back in 2015, he announced the elimination of 8% of the workforce, or some 340 jobs. He promises more listening and transparency to the developers to whom he apologized for the confusion of the group, and undertakes to simplify the products offered with the hope of attracting more the general public. The same year, his mobile payment company Square went public. Twitter first achieved profitability in 2017.

Founded in 1977 by American businessman Paul Singer, Elliott is considered one of the most powerful and aggressive investment funds in the world, with nearly $ 40 billion in assets under management. Samsung, ThyssenKrupp, Bayer, Pernod Ricard… the list of its sometimes controversial acquisitions is long. The fund is also sometimes referred to as a “vulture” for its propensity to buy the debts of countries in difficulty, such as Argentina, because of the high yields attached to it.