Hedge fund Elliott Management Corp. has obtained a large stake in Twitter and is advocating for changes, including replacing CEO Jack Dorsey, according to media reports.
Bloomberg was the first to report the news, which was then confirmed by Reuters.Elliott has nominated four directors to Twitter's board in an attempt to fill three vacant seats at this year's annual meeting, according to Bloomberg, citing people familiar with the matter. The New York-based firm, founded by billionaire Paul Singer, is also having"constructive discussions" with Twitter, the report said. Twitter declined to comment.
Twitter turned its first annual profit in 2018, but it still suffered from a declining user base. The social media network has been slower than its rivals like Facebook and Snapchat at expanding new features. In a 2018 interview with CNN Business, Dorsey said"we're ready to question everything" about the social networking site as it sought to quell criticism over spam, abuse and misinformation.
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