The position of the chief of the Twitter social network could be in jeopardy after Elliott Management Corp’s founder Paul Pauler acquired a remarkable share of Twitter.
Investor is trying to replace the CEO of Twitter
According to Bloomberg, an activist investor from Elliott Management Corp. has acquired a significant stake in Twitter Inc. and allegedly plans to push for change in society, including the replacement of Twitter CEO Jack Dorsey.
The pressure comes at a crucial time with the upcoming US elections, the Summer Olympics and other major events, such as the spread of coronavirus, which tend to attract more users. The exact proportion of Elliott Management cannot be determined. However, according to the people involved, Paul Pauler sought to fill all 3 available directors at this year’s annual meeting.
People who expressed their concern wished to remain anonymous because the matter was not public.
The alleged reason is that a newcomer believes that Jack Dorsey cannot hold two leading positions at the same time. His attention, according to Elliott Management, is distracted between the head of San Francisco’s Twitter and the financial services company – Square, where he holds the same position.
In addition, Dorsey has previously stated that he wants to work up to six months a year in Africa. According to the participants, the investor alleged that this is why Twitter, unlike other social media platforms, lags behind in innovation.
What does this mean for BTC?
As you know, Dorsey supports Bitcoin, which has led, among other things, to the recently added BTC emoji, which is automatically created when you write #bitcoin or #btc on Twitter. Users are now wondering what would happen if he were replaced in the management of the social platform.
Elsewhere, cryptocurrencies face censorship. For example, the Youtube case is known, when the platform began to ban cryptocurrency youtubers. Although they later acknowledged the bug, some smaller crypto youtubers have lost accounts in the meantime, and other cases suggest that the restriction has not yet ended.
Although striking, Twitter is basically one of the few social platforms to openly discuss about cryptocurrencies, without any constraints or even bans. Therefore, with pressure from the investor to change leadership, some fear that the network could not lose its “crypto-friendly” attitude.