Billionaire investor Paul Singer is pushing Twitter CEO Jack Dorsey to step down. According to a CNBC report on February 28, the Elliott Management founder and activist investor expressed concerns about Dorsey's allocation of time to two more than $ 5 billion companies and his desire to move to Africa.
The $ 40.2 billion hedge fund managed by Singer recently acquired a majority stake in social media giant Twitter, and the fund has reportedly nominated four replacement directors to the Twitter board.
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Dorsey has previously been criticized for being the CEO of two public companies; Twitter and Square each have a market capitalization of more than $ 5 billion. Singer also expressed concern about Dorsey's plan to work in Africa for six months each year.
Dorsey has always been a supporter of Bitcoin, and his company Square's Cash App deployed a simple Bitcoin portal, and Dorsey played an important role in this process. The Cash App currently has half of its revenue related to Bitcoin.
Square also invested in Square Crypto, a team funded by Square, responsible for improving the entire Bitcoin ecosystem. Square Crypto conducted several recruitments in 2019, including first member Steve Lee, who recently clarified his position on Twitter:
"I'm not working at Square. I work for Bitcoin. Square pays me so I can focus all my time and energy on Bitcoin."
Although Singer ’s request was based solely on stock price considerations-given the poor performance of Twitter stock during Dorsey's tenure, it may be difficult to see another such situation once Dorsey actually resigns as the CEO of Twitter A social media platform that loves Bitcoin.