Billionaire investor, Paul Singer, is pushing for the removal of Jack Dorsey as CEO of Twitter. According to a CNBC article dated Feb. 28, the Elliott Management founder and activist investor is concerned about Dorseys time being split between two $5 billion-plus companies, and his desire to move to Africa.<\/p>\n
The $40.2 billion hedge fund managed by Singer took a major stake in the social media giant recently and has already nominated four replacement directors to Twitters board according to reports.<\/p>\n
Dorsey has previously faced criticism for his role as CEO of two publicly listed companies; Twitter and Square, both of which have market valuations of over $5 billion. Singer is also concerned about Dorseys plan to work up to six months a year in Africa.<\/p>\n
Dorsey is a long time supporter of Bitcoin and was instrumental in implementing an easy Bitcoin onramp into his company, Squares, Cash App. As Cointelegraph reported this week, a full half of Cash Apps revenue now comes from Bitcoin-related revenue.<\/p>\n
Square has also invested in Square Crypto, a team funded by Square, tasked with improving the overall Bitcoin ecosystem. Square Crypto made a number of hires in 2019, including its first hire, Steve Lee, who clarified his position in a tweet recently:<\/p>\n
I don't work for Square, I work for Bitcoin. Square pays me so I can spend all my time and energy working on Bitcoin.<\/p>\n
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Jack Dorsey Should Be Replaced as Twitter CEO, Investor Proposes - Cointelegraph<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Billionaire investor, Paul Singer, is pushing for the removal of Jack Dorsey as CEO of Twitter. Continue reading