Twitter's billionaire CEO Jack Dorsey.
A battle of the billionaires may be starting at Twitter.
Hedge funder Paul Singer has taken in a stake in the social media company—and now wants to replace Jack Dorsey as Twitter CEO and grab four board seats.
Dorsey is an unconventional CEO, splitting his time running both $26 billion (market cap) Twitter and $36 billion Square, the digital payments company. This arrangement is part of the reason that Singer’s firm Elliott Management is pushing for change. Another is Dorsey’s stated desire to move to Africa, according to Bloomberg. For now, the size of Elliott Management’s stake in Twitter isn’t known, and a Elliott Management spokesman declined to comment. Twitter also declined to comment.
Elliott Management's Paul Singer.
Singer’s been a busy guy lately. Over the past year, he’s built up a $25 billion stake in SoftBank after its WeWork investment decimated its shares and one in AT&T. Singer, who founded Elliott Management in 1977, is one of Wall Street’s most revered—and feared—investors. In the past, his adversaries have been entire countries, most famously a years-long campaign to get Argentina to pay up on its bonds. Singer and the other debtholders largely won that fight. In 2016, Argentina agreed to pay $4.75 billion, three-quarters of what was owed.
