Paul Singer, a major Republican donor, has purchased a stake in Twitter and is reportedly seeking to oust its current chief executive officer Jack Dorsey. Paul Singer, the founder of Elliott Management, previously donated $1 million to American President Donald Trump’s inaugural committee.
Pro bitcoin Jack Dorsey owns 2% of the company.
According to the Bloomberg report, Paul Singer is seeking to remove the current CEO Jack Dorsey from the company. The reason why Paul Singer is seeking to oust Jack as the CEO of the company is not quite clear. Elliot purchased the stake in Twitter at a very pivotal time as the US presidential elections are scheduled to take place this year.
Twitter CEO announced a ban on political advertising.
In October last year, Jack Dorsey announced a ban on political advertising on the platform. Facebook, on the other hand, refused to ban political advertising on its platform. He is a vocal advocate for the bitcoin, and current American President and the Republican party have shown resentment towards cryptocurrencies in general. Jack is also the CEO of payment and mobile finance company Square.
Eliott Management has a history of pushing for changes in the companies that it buys shares in. Twitter has been a target for activist investors for years as it only has one class of stock, and co-founder Jack Dorsey does not have voting control.