A Republican donor purchased a major stake in Twitter with the intention of pushing out CEO Jack Dorsey, who the billionaire believes is too distracted with other ventures, Bloomberg News reported Friday.
Activist investor Elliott Management wants to make changes at the social media company, the report notes, citing sources familiar with the matter. Paul Singer, the billionaire behind Elliot, once opposed President Donald Trump’s campaign but has since grown more supportive.
The amount of shares Elliot purchased has not been made public. Neither Twitter nor Elliot have responded to the Daily Caller News Foundation’s request for comment.
Singer gave $240,000 to the Republican Party in 2018, less than two years after the president’s election.
Elliot nominated four directors to Twitter’s board, the report notes, citing sources who asked not to be named because the move is not yet public. There are only three seats on the company’s board but the management company wanted to make sure its directors would be included.
Dorsey said in an earnings call on Feb. 7 that he is planning to expand the social media company outside of San Francisco. He is running two publicly traded companies: Twitter and Square. Dorsey also reportedly wants to work up to half a year in Africa.
“Our concentration in San Francisco is not serving us any longer and we will strive to be a far more distributed workforce,” Dorsey said on the earnings call. “We have to build a company that’s not entirely dependent on San Francisco.”
Dorsey also announced in October that the company will stop hosting political advertising ahead of the 2020 election, citing the influence targeted ads may have on political elections. The CEO believes targeted online political marketing compromises the flow of information on his platform.
Facebook CEO Mark Zuckerberg is taking a different approach, choosing to keep political ads on its platform under the guise of free speech.
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