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Tesla CEO Elon Musk extended his support to Twitter CEO Jack Dorsey, in light of media reports suggesting plans for his removal by the company’s latest activist investors.
“Just want say that I support @Jack as Twitter CEO. He has a good (heart),” the billionaire had tweeted from his official account on Tuesday.
Elliott Management Corp, a US-based hedge fund with an activist approach had amassed a major stake in Twitter Inc, Reuters reported on Friday. The stake is in the 4-5 per cent range, reported TechCrunch .
Post investment, the hedge fund is now seeking to make some major changes within the company including removal of the social media giant’s CEO, Jack Dorsey according to the Reuters report.
The company is also looking to gain three or four board seats in Twitter’s eight-member board as per the report.
According to the TechCrunch report, the investors are concerned due to Dorsey’s multiple side projects including payments platform Square and his growing interest in cryptocurrency. The investors will consider retaining the Twitter chief if he foregoes his other projects, the report said.
Elliott is likely to send a public letter to Twitter investors as it did with e-bay outlining its plan for the company.
Post acquiring a stake in e-bay Inc in 2019, the firm had sent out a public letter to investors detailing its plans to improve the company’s stocks which had been put into action shortly thereafter, the report said.
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