Twitter shares surged nearly 9 percent Monday amid rumors that GOP activist and investor Paul Singer has plans to oust CEO Jack Dorsey.
Singer’s Elliott Management has nominated four directors to Twitter’s board and reportedly wants to boot Dorsey from his role after taking a $1 billion stake in the social network, according to the Wall Street Journal.
The 43-year-old Dorsey serves not only as the CEO of Twitter, but also runs Square, a $36 billion payments company he co-founded.
Sadly, Dorsey’s potential firing is not entirely political.
Dorsey angered investors when he tweeted out in November that he has plans to live in Africa for ”3-6 months mid-2020.”
Further, Twitter’s stock has increased in value only modestly over the last five years, while competitors like Facebook have seen massive growth in the same time span.
Twitter is currently worth close to $28 billion, while Facebook has a market cap of nearly $550 billion.
Hammer and Nigel talk the takeover of Twitter in today’s edition of “Are You Okay with This?”
https://omny.fm/shows/hammer-and-nigel-show/are-you-okay-with-this-9
