According to the Bloomberg report, the committee officially reviewed Twitter’s leadership as part of a March 2020 agreement with activist investor Elliott Management and private equity firm Silver Lake. Both companies gained seats on Twitter’s board of directors through investments earlier this year. According to the report, the independent board panel concluded that the existing management structure is sufficient. The committee expressed its confidence in management and recommended that the current structure remains in place. Internships and jobs in the crypto space have also increased in recent times.
The board will continue to evaluate Twitter’s management.
The filings read that the board will continue to evaluate company and management performance according to a range of factors, including the company’s operating plan and established milestones. Alongside Jack Dorsey keeping his role, the committee also proposed a plan to reduce the terms of Twitter’s directors from three years to one. The move could make it easier for investors like Elliott to replace board members in an effort to take control of the firm, the report further noted. Jack Dorsey has been serving as Twitter CEO since founding the social media platform back in 2006.
Jack Dorsey has been a vocal bitcoin advocate for some time.
Twitter and Square CEO Jack Dorsey has been a vocal advocate for bitcoin for a long time. He earlier said that African nations could play a huge role in the mainstream adoption of bitcoin. He had even planned to spend some time in Africa to explore crypto opportunities. In February 2020, Paul Singer, the founder of Elliott Management, had pushed for the removal of Dorsey as CEO of Twitter, expressing concerns about Dorsey’s time being split between Twitter and payment platform Square. Jack Dorsey had addressed the US Senate committee’s concerns about transparency and accountability in social media content practices, particularly in regard to hate speech and freedom of political expression.