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Twitter Shake Up On The Horizon?

It seems that Twitter could be in line for a shake up as it has been reported that Elliott Management Corp, and investment management firm, have purchased a large stake in the social platform. The purchase would see changes being made to Twitter and it seems that Elliot Management Corp would like mimic Michael Heseltine’s ousting of Margaret Thatcher and do the same with co founder and current CEO Jack Dorsey. 

The current situation has been summarised by Vox media: “Elliott has acquired about $1 billion worth of Twitter shares, which means it has a sizeable stake in Twitter, but nothing close to control of the company. Now, the firm wants to use that stake to replace four Twitter board members with its own nominees, who would then presumably pressure Dorsey to leave – or at least stop running Square, the payments company he founded after he first left Twitter.” Essentially what Elliot would like to see is a CEO only focused on improving the overall performance which has peaked and troughed over the past few years. The belief is that Jack Dorsey is not able to provide this focused direction and that if a suitable replacement who is more business minded & market aligned was found, Twitter’s stock would increase therefore boosting Elliot’s stake. 

Now there has been some rumours flying around that the founder of Elliot Management, Paul Singer, is looking to take over Twitter and use it as a political weapon as he is seen as a ‘mega donor’ for the Republican party having a net worth a cool $3.5 billion. This is quite a statement and highly unlikely but it is creating ripples. 

Should Mr Dorsey be worried with regards to his position as top dog within Twitter? Well Elliott Management have previous when it comes to investing in companies, last year they bought a huge stock in eBay and used that new influence to issue various demands to eBay’s board. These demands lead the the resignation of David Wenig, who was CEO at the time, due to the differences that had arisen with the board in terms of company direction. 

So is Twitter in line for wholesale changes? Well it has often been called out because of inaction and struggling to adapt & innovate in an ever fluid industry with it competitors moving with the times so to speak. However it has very much improved recently and its performance data seems to reflect this but there is more that Twitter could offer, evidently Elliott Management Corp think so too. 

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