Elon Musk lended public support to Twitter CEO Jack Dorsey whos being pressured to step down by an activist investor. Just want to say that I support @Jack as Twitter CEO. He has a good heart, Musk tweeted, using a heart emoji because thats how middle-aged billionaires communicate.
On Friday it was reported that Paul Singer, the billionaire founder of Elliott Management, took a stake in Twitter with the intent of making a number of changes at the micro-blogging platform. Elliott has a more than $1 billion stake in Twitter, according to CNBC, and has nominated four new board members.
Bloomberg reports that Twitter executives met with representatives from Elliott Management for the first time last week. Dorsey was absent, even though he was the main topic of conversation. One change Elliott hopes to make is the removal of Dorsey, whos been accused of being inattentive to Twitters earnings potential as he splits his time as CEO of Square where 85 percent of his wealth resides. The Twitter / Square CEO has also been criticized for moving too slowly, with a preference for talking instead of doing. Dorsey hasnt helped himself by saying hed like to temporarily move to Africa this year.
Dorseys return as CEO of Twitter in July 2015 was met with advice from Elon Musk. I wouldnt recommend running two companies, said the CEO of Tesla and SpaceX. Twitter shares have since fallen 6.2 percent, while Facebooks have gained more than 121 percent, according to Bloomberg.
Musk and Dorsey were last seen bromancing each other at a company meeting in January, where Musk was projected onto a giant screen in front of thousands of Twitter employees. If you were running Twitter, Dorsey asked, what would you do? Musks response was get rid of the bots.
Others want to get rid of the CEO, which just might happen.
Excerpt from:
Elon Musk lends support to Twitters embattled CEO: he has a good heart - The Verge
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