Here's the Wall Street Journal take on what's happening now:
Elliott Management Corp. has nominated four directors to the board at Twitter Inc., according to a person familiar with the matter, setting the stage for a potential showdown between one of the most prolific and pugnacious activist hedge funds and the influential social-media company.
Elliott has taken a roughly $1 billion stake and been in talks with Twitter management about its desire for the company to find a full-time chief executive officer, the person said. That most likely would involve replacing co-founder Jack Dorsey, who began a second stint as the company’s CEO in 2015. In addition to his role at Twitter, Mr. Dorsey leads Square Inc., a financial-technology firm he also co-founded.
Here's the much more entertaining Daily Caller take:
A Republican donor reportedly purchased a major stake in Twitter with the intention of pushing out CEO Jack Dorsey, who the billionaire says is too distracted with other ventures.
Activist investor Elliott Management wants to make changes at the social media company, the Bloomberg News report noted Friday, citing sources familiar with the matter. Paul Singer, the billionaire behind Elliott, once opposed President Donald Trump’s campaign but has since grown more supportive.
But Showalter has lots more to tell you, so follow the link. As she says, this couldn't be happening to a nicer bunch of woke Leftists.
Dorsey runs the company like a personal fiefdom so it does make sense the an activist investor like Singer would take an interest--especially after Dorsey announced that he wanted to spend a couple months each year in Africa. Playing as a celebrity while holding down to CEO posts is not a formula for long-term success.
ReplyDeleteThe problem with a lot of tech billionaires is they essentially drew a winning lottery ticket, and confuse the then garnered wealth with business acumen and intelligence. Meanwhile. their arrogance and complete lack of self-awareness is on display. With heads so big, it's a wonder they can walk through a doorway...
"they essentially drew a winning lottery ticket, and confuse the then garnered wealth with business acumen and intelligence."
DeleteFew if any of them have been through the ups and downs that Trump weathered. A hostile takeover is probably something Dorsely never really contemplated. And this would be VERY hostile.