A Republican mega-donor has purchased a “sizeable stake” in Twitter and is reportedly seeking to oust its founder Jack Dorsey. Jack Dorsey on Capitol Hill in Washington DC, on 5 September 2018. the billionaire founder of Elliott Management, to live and work in Africa for part of each year. NEW YORK (AP) — Twitter shares rose Monday following reports an activist investor took a stake in the social media service and plans to push for changes. Dorsey, a co-founder of Twitter, is also chief executive of Square, an online payment company. Twitter shares are spiking following reports that Elliott Management has taken a large stake in the social media company. Neither Elliott nor Twitter immediately offered comment. Location of This Business 1000 2nd Ave Ste 1440, Seattle, WA 98104-3613 Email this Business Elliott Management acquires $1 billion stake in Twitter, nominates four directors, and wants to see Jack Dorsey out as CEO. Jack Dorsey, CEO of Twitter, and Elliott Management are getting ready to mix it up. Elliott's campaign to remove Dorsey as CEO came after the executive announced plans to temporarily move to Africa while running both Twitter and Square. The deal gives both Silver Lake and Elliott a seat on Twitter's board and includes funding for a $2 billion share repurchase program. In November, he announced a plan to live and work in Africa for part of each year. As a result, the company will fund a $2 billion share repurchase program, according to the announcement.Â. Singer has even taken on whole countries: in 2016, after a relentless campaign, he secured a partial repayment of debts by Argentina, arising from its financial collapse in the early 2000s. Twitter has reached a deal with investment firms Elliott Management and Silver Lake, the company announced Monday. Bloomberg News first reported that Elliott Management … 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. Twitter made headlines in October when it announced a ban on political advertising. Last week, Dorsey said he might cancel those plans, partially blaming coronavirus fears. Although Twitter did not need to raise new capital, the company viewed Silver Lake's $1 billion investment as an opportunity to return more capital to investors and to name someone new to the board in addition to an Elliott representative, the source said. A major Republican donor has purchased a stake in Twitter and is reportedly seeking to oust its chief executive, Jack Dorsey. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Twitter has reached a deal with investment firms Elliott Management and Silver Lake, the company announced Monday. Dorsey needs to focus on what's best for Twitter. Dorsey is the only person to lead two public companies with market valuations greater than $5 billion as CEO. Twitter also said that beyond 2020, it plans to "accelerate revenue growth on a year-over-year basis and gain share in the digital advertising market. SAN FRANCISCO — Twitter said on Monday that it had reached a deal with Elliott Management, the activist investor that called for ousting the social media company’s chief executive, Jack Dorsey. Why it matters: Elliott has become the top agitator in tech, and often gets what it wants. "[I]n 2020 and beyond," the company seeks to grow monetizable daily active users (mDAUs) "at 20% or more." Focus first on workers, then users, then investors. "As a Board, we regularly review and evaluate how Twitter is run, and while our CEO structure is unique, so is Jack and so is this Company," Pichette said. Activist investor Elliott Management has acquired nearly a 5% stake in Twitter, and believes the key to unlocking value is to replace Jack Dorsey as CEO. Facebook and YouTube need to be more aggressive about false information: Fmr. Its use and potential manipulation by politicians of all stripes, from Trump to Democratic candidate Mike Bloomberg, remains a source of fierce contention. Data is a real-time snapshot *Data is delayed at least 15 minutes. It was reported that those moves were motivations for Singer’s desire to push Dorsey out. Elliott Management founder and billionaire investor Paul Singer is seeking to replace Twitter CEO Jack Dorsey, a person familiar with the matter told … News of the Elliott stake saw Twitter’s share price rise on Friday, during general market slides in the midst of the coronavirus outbreak. Elliott launched a campaign to remove Dorsey as CEO after he announced he would temporarily move to Africa while running both Twitter and Square. Twitter struck a deal with investment firms Silver Lake and Elliott Management that does not mention changes to Jack Dorsey's role as CEO, the company announced Monday. After a White House visit in February 2017, Trump said Singer “was very much involved with the anti-Trump or, as they say, ‘Never Trump’, and Paul just left, and he’s given us his total support and it’s all about unification”. ", According to the terms of the agreement, Elliott Management and Silver Lake will not "comment on or influence, or attempt to influence, directly or indirectly, any Twitter policies or rules, or policy or rule enforcement decisions, related to the Twitter platform.". Elliott Management has nominated four directors to the board at Twitter, setting the stage for a potential showdown between the activist hedge fund and social media firm. But it’s not enough for Elliott to agitate for change without making clear what Twitter should look like under new management. Twitter also shared new metric goals in its announcement. Activist investor Elliott Management is seeking to oust Twitter CEO Jack Dorsey, Bloomberg News reported late Friday. While under pressure from Elliott, Dorsey said last week he'd reconsider the move to Africa, blaming coronavirus fears "and everything else going on.". Twitter hopes to find a candidate that reflects "the diversity of the Twitter service," according to the release. In addition, Silver Lake will make a $1 billion investment in Twitter, according to the announcement . A major Republican donor has purchased a stake in Twitter and is reportedly seeking to oust its chief executive, Jack Dorsey. Elliott trades in securities across the capital structure and often will take a leading role in event-driven situations to create value or manage risk. 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