Could This Activist Investor Shape How Twitter Does Business?
Twitter's (NYSE: TWTR) stock recently popped after hedge fund Elliott Management took an activist stake of roughly $1 billion in the social media company, according to The Wall Street Journal. Elliott nominated four directors to Twitter's eight-person board and wants the company to hire a full-time CEO to replace Jack Dorsey, who leads both Twitter and online payments company Square (NYSE: SQ).
Elliott Management founder Paul Singer also expressed concerns about Dorsey's plans to move to Africa for three to six months per year to explore cryptocurrency opportunities. However, critics pointed out that Singer is a major Republican donor and could seek to address accusations of liberal bias on the platform.
Will Singer change how Twitter does business? Or will Dorsey weather the storm and fend off the activist investor, who previously pushed eBay (NASDAQ: EBAY) and AT&T (NYSE: T) to make major changes?
Source Fool.com
