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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Elliott targets Twitter, seeking CEO Dorsey’s removal

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WASHINGTON: Hedge fund Elliott Management Corp has amassed a stake in Twitter Inc and is pushing for changes, including removal of the social media company’s chief executive, Jack Dorsey, two people familiar with the matter said on Friday.


Twitter is one of the few US technology companies headed, but not controlled, by one of its founders. It has given shareholders equal voting rights, making Dorsey, who owns only about 2 per cent of the company, vulnerable to a challenge from an activist investor such as Elliott.


Twitter shares fell last year when the company disclosed that its platform experienced glitches that hindered its ability to target ads and share data with partners. The San Francisco-based company’s reluctance to expand beyond its core platform has also left it with limited scale compared to its larger social media peers.


Elliott, founded by billionaire Paul Singer, will be seeking to install its own nominees to Twitter’s eight-member board when three of the company’s directors stand for election at its upcoming annual shareholder meeting, the sources said.


It is not clear who Elliott would like Dorsey replaced with and how big its stake in Twitter is. — Reuters


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