March 29, 2024

Supporter of Bitcoin Jack Dorsey may be removed from the post of head of Twitter

American investment company Elliott Management Corp., which owns a significant stake in Twitter Inc.,intends to achieve the removal of Jack Dorsey from the post of CEO of a popular social network. It is reported by Bloomberg.

According to sources familiar with the situation, Elliott Management has already appointed four people to Twitter’s board of directors.

According to Reuters, the decision of the founder of ElliottPaul Singer's management is partly due to the fact that Dorsey’s activity is scattered between Twitter and payment company Square, which has Square Crypto, a cryptocurrency division.

Dorsey management skills were often exposedcriticized, reports CoinDesk. In particular, dissatisfaction was expressed with the excessive focus of the Twitter chapter on the main product and the insufficient pace of innovation.

Since mid-2015, when Dorsey again headed Twitter, the company's shares have dipped 6.2%. During the same period, the shares of the largest social network Facebook grew by 121%.

Recall, recently, a bitcoin emoji was added to Twitter.