A billionaire Investor Seeks to Replace Dorsey as Twitter CEO, after the news Twitter shares was up more than 7% after-hours.
According to diversified media reports from many different sources, the plan to replace Jack Dorsey as Twitter CEO is already in action.
The Elliott Management founder and billionaire investor, Paul Singer is seeking to replace the CEO of Twitter, Jack Dorsey. Elliott is insistent for Dorsey’s removal in part because his attention is split between the running both the Twitter and Square, and Dorsey’s desire to move to Africa. Since his reinstatement as CEO in 2015, TWTR stocks has been overly under-performing compared to Facebook.
The replacement of Jack Dorsey from the helm also calls for the major political and social implications. Twitter has been pro Bitcoin enabling ‘Crypto Twitter’, Under Dorsey, to prosper on his social media platform.
It looks like that Singer’s move might adversely threaten politics of America ahead of 2020 elections. It’s been seen lastly that Facebook was found meddling with the user data and unethically promoting Trump on its platform. Now given Singer is the leading donor to the Republicans, it does create suspicion in one’s mind.
Right now Twitter has not only been the primary platform for the building of a crypto community, but also Jack Dorsey’s enthusiasm and the Bitcoin endorsement has strengthened the space. At this time the change in the management could affect CT at large; and also facing the restrictions and hiccups like YouTube did recently.
Dorsey plans to spend six months in Africa to help the community there and has been pushing for the Bitcoin adoption among American black communities as well. The author of ‘Bitcoin and Black America’ tweeted,
The investor might be right to claim to that Dorsey’s plans on the business front and the past actions have not been favorable to them. No doubt, Twitter has become the platform of choice, socially and among leading personalities.
The anonymous and also the privacy focused users in the crypto space also prefer Twitter. But this might change if the new management brings changes to the social media platform.
Financial statement of Square Inc. indicated that half of it’s earning in Q4 2019 was driven by the Bitcoin. It’s unmistakable that if he made to shift his focus completely towards it, it might not be an all lose position for crypto and Bitcoin.